Bitcoin's price has experienced significant volatility, dropping from $97,000 to $62,900 since February 9, 2026, according to BIT's "On Target" weekly report. This decline was exacerbated by the nomination of Kevin Warsh as Federal Reserve Chair and the forced liquidation of leveraged positions, leading to increased market liquidity pressure. The report highlights that Bitcoin's A-B-C wave pattern has largely materialized, with Wave A's low completed in February, a Wave B rebound to $82,000, and a new low of $58,500 on June 30 as Wave C unfolds. Despite these developments, the Iran conflict and the hawkish stance of the new Federal Reserve Chair have introduced uncertainty regarding the timing of the Wave C low. While the report suggests the bear market may be nearing its end, it emphasizes the need to monitor two key variables closely, which are analyzed in detail in the current issue.