Bitcoin, Bai Pan, continues to operate within a back-and-forth oscillation pattern spanning several hundred points. From the 4-hour timeframe, recent price action has repeatedly surged and then quickly pulled back. The candlesticks have continuously closed with relatively long upper shadows, highlighting the effectiveness of the strong sell-pressure above and the resistance from Kong Tou. At the same time, the fast and slow lines have entered the overbought zone and formed a top bearish divergence structure. Coupled with the fact that, during the price rally in the Bai Pan phase, trading volume has shrunk significantly, the volume–price divergence characteristics are increasingly evident, indicating a strong need for a subsequent technical correction. Looking at the hourly level, price action has entered a converging consolidation stage: volatility keeps narrowing, and the overall market is showing a choppy small-candle correction pattern with alternating bullish and bearish moves. During the back-and-forth battle between those represented by Duo Kong, there has been no obvious surge in volume, and short-term trading sentiment in the market is becoming more cautious. The middle band currently provides phased support; going forward, the key is to monitor the effectiveness of this support level and whether it breaks. In terms of positioning, it still revolves around the high–Kong thinking approach.