Let me try a 'carving a boat to seek a sword' moment: First image (January 2022): This is a textbook-level bearish flag continuation pattern. Before this, BTC experienced a sharp drop (the flagpole), followed by a low-volume rebound in an ascending channel (the flag). At that point in 2022, this pattern eventually broke downward, leading to a deep bear market decline. Second image (November 2025 to now): The current structure is highly similar to 2022. After another sharp drop, the price has entered a slow-climbing parallel channel or wedge structure. In both images, the price is clearly suppressed by the moving averages above. The moving averages are diverging downward, forming dynamic resistance levels. As long as the price cannot effectively hold above the key moving averages, the trend remains dominated by the bears. Right now, we’re in the early to mid-stage of the bear market.