Last week, Bitcoin rose in an upward channel, but Onchain data did not reveal enough purchasing to initiate a bullish surge. Furthermore, market trust has yet to recover following the FTX incident.
From another perspective, Bitcoin is still trading in the $17,500-$15,500 level. And it will most likely correct to $16,000 this week. Such oscillations are natural in bearish markets, with quick upward and gradual downward movements.