The recent price movement of Bitcoin has shown a clear range pattern feature on the 4-hour chart, which is quite similar to what has been observed previously.

From a technical analysis perspective, the market seems to need to test the support level downwards to build upward momentum. This may indicate an upcoming round of capital cleansing aimed at eliminating some unstable positions to reaccumulate market power for subsequent price increases.

However, macroeconomic factors cannot be ignored either. The market may also be suddenly stimulated by certain positive information, breaking through conventional technical patterns, and directly starting an upward trend, possibly even skipping the traditional consolidation phase, which is similar to the unconventional market conditions we have observed in the past.