I have BAD NEWS for the perma bulls. BTC is still strengthening its bear trend. Volatility is a key metric used by quants to detect trends. BTC entered its bear market when vol spiked upwards quickly. Vol then continues to climb, meaning the bear trend is strengthening. Then vol finds a peak in the mid to late phase bear market... that's when the bear trend starts to weaken. We usually see a second or third smaller peak at the macro bottom, these peaks reflect capitulation.