Recently, looking at Bitcoin's trend, many people are quite confused. The price spikes up sometimes, then gets pushed back down. Every time it seems like a breakout is about to happen, it turns around and falls back, creating a repetitive rhythm that tires traders out.

From the daily chart, there have been several tombstone doji lines with long upper shadows recently. These are signs of false breakouts followed by quick pullbacks. If you switch to a shorter time frame, you'll find that this is already the seventh similar "change of gate" pattern. Sometimes, it looks like trading volume is increasing, as if about to break through the downward trendline, but by closely monitoring the time and overall volume data, you'll see that these volumes are still insufficient—far from supporting a genuine trend reversal.

It's important to clarify one point: the pullback after a false breakout does not necessarily mean the market will fall sharply. The current decline is more of a continuation of the consolidation structure, with the price oscillating within the range of $86,600 to $90,600. The total fluctuation space is roughly around $4,000.

At this stage, the price has neither formed a clear high nor a clear low, so the trading strategy becomes: consider taking profits near the upper part of the range, and look for signs of effective pullback when approaching the lower part. Especially after the Christmas holiday and before the New Year, market liquidity is generally low, often resulting in rapid spike-and-retrace movements—this is a common phenomenon in low-liquidity environments.

What is the key issue now? The true starting point of the trend can only be confirmed once a breakout occurs in the range.