Recently studied Wyckoff accumulation theory and used it to observe BTC's trend. The more I look at it, the more interesting it becomes. The current market characteristics do resemble the pattern of institutional accumulation—clear signs of a strong consolidation phase(SOS). Once this range is broken, the subsequent rally could be dazzling.

Wyckoff theory divides price movements into five phases. Let's focus on how the first two phases operate.

**Phase One: Signal of Selling Pressure Exhaustion**

Phase A marks the end of the previous downtrend. In this phase, selling pressure is intense, but you can sense that the sellers will soon run out of steam. Especially when the price approaches a previous dense sell-off area, the selling volume, volatility, and trading volume all appear particularly fierce—this is a critical moment when large players and institutions absorb retail panic selling at the bottom.

Once the selling pressure begins to ease, the market tends to rebound spontaneously. At this point, if the price returns to that dense sell-off zone (or slightly above it), you'll notice an interesting phenomenon: fewer sell orders, calmer volatility, and less exaggerated trading volume. This is what we often call a successful secondary test—bottom confirmed.

Conversely, if during the second test the price continues to make new lows, it indicates either a lower bottom will form or the consolidation will extend longer. These key points—the lowest point of dense sell-off, the successful second test level, and the high point of the automatic rebound—form an important reference framework for observing market rhythm. Marking the upper and lower boundaries of this range makes subsequent price actions clear at a glance.

Sometimes, the price decline isn't so fierce, and the volatility and volume in Phase A won't suddenly explode. But experienced traders understand that what they want to see are those characteristic signals—such as bottom support(PS), supply chain depletion(SC), automatic rebound(AR), and the second test(ST). Once these signals surface, it can be confidently confirmed that big players are quietly accumulating.

**Phase Two: The Mystery of Sideways Accumulation**

During the upward movement, the price may also consolidate sideways, and accumulation can continue. However, this sideways movement differs from the characteristic consolidation in Phase A—the sideways in this phase lacks the obvious markers: no clear support zone, no traces of dense sell-off areas like before, and no distinct second test points.

This subtle difference is crucial. It helps you judge which stage of accumulation you're in and the potential strength of the subsequent trend.