According to CoinMeta, Gareth Soloway, the chief market strategist for verification investments, stated that Bitcoin is approaching a key technical level that could determine whether its recent rebound signifies a true trend reversal. He pointed out that Bitcoin has not yet confirmed a new bull market, as its price has not surpassed the previous high of $82,865, with the latest rebound only reaching $82,300. Until this level is broken through, Bitcoin remains in a pattern of lower highs and lower lows, which fits the technical definition of a downward trend. Soloway also identified two bear flag trendlines that, when extended, coincide with the area where the current rebound has stalled. He believes that this alignment, although coincidental, is noteworthy and represents the technical reason why the current rebound is "limited." He added that if Bitcoin breaks through the $82,865 high, it does not guarantee a bull market, but it would be the first high in the current pattern and could potentially lead to the observation of higher highs.