Bitcoin market analysis: Is the decline over?

How do we judge whether the decline is over through on-chain data?

From the cumulative long and short liquidation chart of the exchange for one month.

At present, there are only 5/1 long funds and 11.4 billion short funds, and only 2.1 billion long funds. They are still bottom-fishing in the past two days. In this wave of 70,000-48,888, the longs are basically liquidated.

Positions. From the highest of 39 billion US dollars on July 29, the lowest of 26.1 billion US dollars on August 5. The high has decreased by 35%.

The panic index fell by 17. What does 17 mean? The lowest position on July 12, 2020. Below 17 is basically the bottom of the bear market.

Is the market going bearish? Rapid decline structural adjustment, in simple terms, clearing market leverage.

In summary: This wave is to break the new high and clear obstacles. 48,888 is likely to be the iron bottom of the big trend.

Operational ideas, don't go short, continue to hold the bottom, and wait for the opportunity to step back and get on the car. Let's see if there is a chance for it to fall back to 53,000. If there is, just go for it without thinking.