You might be right and the big players went in on the 28k dip for the long haul. But then, the market is a changing environment, it adapts to expectations and preferences of people, especially to the herd. There really is nothing stopping those who entered on 28k to sell on the way down again once the patterns suggest something else is taking shape than an immediate recovery.

Do I believe the bull is over? Nope. Do I think there will be massive and clear signs when we are finally resuming the uptrend? Yes!

So why would I want to hold BTC as long as market structure makes it questionable to do so?

Maybe I'm too TA for my own good, but I really wouldn't be surprised if we have another magical huge FUD story this month and there will be real capitulation. It doesn't quite hurt enough yet for this to turn upwards for good, and the patterns do suggest that we could easily see another attempt down. I might be wrong of course but I see no clear sign of a bottom yet.

Interesting read. Let's see where it goes!