From February to early November last year, the price fluctuated in the range of 50,000 - 70,000, accumulating positions, and then broke out with increased volume, entering an upward trend. The current price has retraced to around 97,000, and has been fluctuating at a high level for 4 months. This process may be a stage for the operator to distribute chips or further accumulate.

From the market structure perspective, operators often create panic through violent fluctuations to wash out weak hands. It is expected that the key support level for this round of retracement is around 84,400, which may become a short-term bottom, but the market is expected to strengthen again afterward.

The medium to long-term trend still leans towards bullish, but in the short term, one should be cautious of the risk of a deep retracement, paying attention to the buying strength around 84,400 and subsequent changes in volume to confirm whether a rebound signal is formed before considering entry.