Bitcoin still needs to be cautious; it's better to wait until it returns to a key support level (such as the short-term holder cost basis) before determining if it has truly rebounded. But currently, this distribution phase is interesting—it closely resembles the distribution process from mid-2019 to October 2020, starting from the 10k price level. Back then, it was also oscillating and consolidating, with the market repeatedly testing high levels before breaking out into a new pattern. If history repeats itself, this phase will also have a process. So rather than focusing on short-term fluctuations, it's better to pay attention to whether the key price levels can hold—those are the real turning points.