The second half of July and the end of January are similar in terms of these two oscillation ranges: both are at high levels after several months of increase, with relatively small oscillation amplitudes and large trading volumes. They should both be considered as distribution areas for positions.

After Bitcoin broke through these two oscillation ranges, it confirmed a downward trend and formed a massive trapped position above. Without sufficient washing out, it is difficult to restart the upward market.

Therefore, Bitcoin may experience a downward trend similar to that of 2-4 months, once again finding support at the annual line.