How to operate in the range before the catalyst.

1. The overall trend of Bitcoin is in a fluctuating upward channel, currently in the adjustment phase after the third stage of moving north, with prices approaching the densely traded area near historical highs.

2. Recently, Bitcoin has been moving sideways, while altcoins have collectively retraced about 20%, which may lead to funds flowing back from altcoins to Bitcoin for safety; attention should be paid to the resistance level at 104800 above and the support level at 101500 below, as a sideways contraction may form a top signal.

3. FTX will launch a major repayment on May 30, with total distribution funds exceeding $5 billion. Short-term asset sales may bring selling pressure, but in the long term, new liquidity may enhance market confidence.