Since entering December, BTC has been unable to sustain trading below the middle track, with each instance being a false breakdown, followed by a series of bullish candles rising back above the middle track. This indicates that the demand in the market is still strong, but people are unwilling to buy at high positions. Looking back at this period of market activity, it feels similar to the accumulation of liquidity through fluctuations.

Fluctuation is a necessary condition for brewing trends, and currently, the duration is still not enough, especially since several seemingly scary pullbacks have not dropped below the lower track.