On the 20th-21st, Bitcoin rebounded to around 9.8 and entered a consolidation phase. What will happen next? 1. The decline from January 17-20 hit a low of 9.2, which is the position where prices started to rise after Trump's victory. This position has institutions and large players entering in significant volumes. Initially, there was a possibility of breaking this level on the 20th, but data falling below expectations halted the downward sentiment, providing support for a reversal. As of the 21st, the rebound has approached 7300 points. The U.S. Congress has passed the government budget bill, so the government will not shut down. Currently, the market is still in a consensus of rebound sentiment, but it is also challenging to continue to rally to 10. Next week is Christmas in the U.S., which may present the following risks: 1. The combination of Christmas and year-end adjustments by institutions and large players may lead to selling and reallocation of profits. 2. The Federal Reserve has paused its interest rate cut expectations for 2025, and the number of rate cuts in 2025 is uncertain with the new government policy under Trump, which is unfavorable for further rallies. 3. There is a massive amount of trapped positions above 9.9, and clear resistance levels ahead. Currently, it is difficult for large players and institutions to form a buying consensus at the 9.8 level; substantial capital is needed to drive an increase, but such capital is not entering at this level. 4. Many long positions that were exploded in this round of significant declines are now mostly retail investors playing in the market, and new small funds entering make it difficult to push the market up further. 5. Funds that entered since 11.5 have also made significant profits at this price and may sell part of their holdings. 6. Currently, the short positions that were established at high levels have experienced this round of rebound; those who could escape will escape, as it is hard to endure profit-taking. Therefore, considering the above factors, the subsequent market trend is likely to consolidate around 9.8, with institutions and large players offloading before facing another wave of decline.