After the BTC price rebounded from the turquoise line at the lower edge of the oscillation channel, the short-term target remains the retracement to the middle track (116.9k);

Since the entire channel is now trending downward, it's crucial to see if it can regain the middle track!

If it returns above the middle track, it indicates that the market can continue to maintain oscillation and has the potential to test the previous high, but if it cannot stay above the middle track for a long time, the overall trend will increasingly move towards a bearish structure.