Bitcoin is currently in a preliminary consolidation range, making breakthroughs difficult unless there are favorable stimuli or sufficient adjustments. The rebound is approaching the Fibonacci 0.618 level, and the probability of hitting 100,000 in the short term is low. The Token 2049 conference tomorrow may influence the short-term trend, so caution is needed.
The key reference is the 120-day moving average, which is currently at 91,700. If it breaks below this level, it may trigger panic selling. In terms of short-term operations, it is recommended to take profits in batches and avoid chasing prices. If it breaks below the 120-day moving average, timely reduction of positions is advised for risk avoidance.
