Currently, BTC is operating within a clear descending channel on the four-hour chart. The mid-channel position at the 111000 level temporarily constitutes an effective support barrier, with the price entering a stage of sustained oscillation and consolidation in this area.

From the perspective of volatility, the recent market has been oscillating back and forth within a range of around 1000 points, neither showing breakthrough upward momentum nor forming a significant downward trend, presenting an overall characteristic of a "slow-paced upward climb." Behind this trend, it reflects the caution and accumulation of bullish forces at key support levels, attempting to rely on the mid-channel to gradually repair the previous downward trend; it also highlights that the bearish pressure in the upper resistance area is still present, making it difficult for the price to quickly escape the oscillation pattern. For market participants, such a slow-paced market requires patience to wait for breakthrough signals while also being alert to sudden directional choices that may occur within narrow fluctuations, especially the effectiveness of the mid-channel support and the breakthrough of the upper and lower resistance levels, which will serve as important guidance for subsequent trends.$BTC