Bitcoin is currently in the range of previous trapped positions, which has trapped a large amount of capital. This trapped area cannot be easily broken through unless there is significant positive news to stimulate it, or Bitcoin has made sufficient adjustments to accumulate energy for a potential breakthrough.

Bitcoin has also rebounded close to the Fibonacci 0.618 level, and the probability of pushing towards 100,000 in the near term is not high. Additionally, with the Token2049 conference in Dubai happening tomorrow, will Bitcoin continue to drop during events? Here, a short-term defense is also necessary.

Another important reference point is the 120-day moving average, which is currently at 91,700. In the short term, it is above the 120-day moving average, so it shouldn't be too bad, but if it falls below the 120-day moving average, it could trigger panic selling.

For Bitcoin, the higher it rises in the short term, the more one should take partial profits instead of chasing the price up, as chasing the price has no cost-effectiveness. When Bitcoin is fluctuating, capital will flow into altcoins, so pay more attention to them. Once Bitcoin falls below the 120-day moving average, it is essential to take certain actions to reduce positions for risk mitigation.