Where do you stand? Is the recent downtrend just a mere retracement? Or the beginning of the bear market?
There are so many things that point to the obvious that we're still in the bull market. First, this is a post-halving year and Bitcoin is yet to do its usual not less than 3x of the previous ATH, according to my observation. The last circle ATH was above $68k+. Second, we're yet to be blessed by Uptober (October) which is a favourable month for Bitcoin. We need to get that data in before any contemplation that the bear has set in. Third, the effect of the US rate cut hasn't taken effect on price yet. We're yet to see that.
What we're witnessing in the market ATM is just price correction, nothing more.
I think that technically, the overall state of the Bitcoin market now and by all definitions, is bullish.
While we may still be considering the potential effects of the Feds rate cut on the current price of Bitcoin and other crypto currencies, it is important to note that this is the period of pullbacks and one of the characteristics of the bull season is when stock prices are generally rising also, which is often observed by a 20% or more increase in price from a recent lower margin.