Historically speaking, on a monthly chart of Bitcoin Index. Hidden Bullish divergence (H Bull) has always been printed at the market bottom and Bearish Divergence (Bear) when market tops. Looking at this chart you can see we're still waiting for it to print H Bull on monthly. I have been following this for the the market tops and bottom and this is not some "magical" indicator. It is the basic signal which has been used and tested through out the history of trading!
I'll be updating when it will print the H Bull. Although, you don't need an indicator of this. Is is a very simple concept to learn and you can google but make sure I have seen a lot of false information out there as well.
Also, the monthly momentum shown by red and green waves is still red which indicates selling pressure and no indication of Buying pressure yet. Looking at the most important part of trading, the Price Action. The next strong demand area is 13k to 9500, seem like BTC wants to go there.
Let's move to Macro Economics, If you compare FED pivot with S&P500 or even DOT COM bubble. The indexes fell even more after the pivot and rn we're not even close. So, let's say even if FED pivot and interest rates starts to go down, still, the risk assets will down for a while before getting reversed.