The pancake played the roller coaster market again last night.

In the early morning, the price attempted to break the 105,000 mark twice but was knocked down by sell orders above, subsequently entering a consolidation and pullback phase.

In the morning, it dropped to a low of 103,500 and is currently oscillating around this price level.

From a technical perspective, the entire market is in a narrowing oscillation range.

Affected by the cooling expectations of the Federal Reserve's rate cuts, a pullback occurred in the early session.

On the 4-hour chart, the upper Bollinger Band is clearly pressing down, indicating significant resistance above; $BTC

However, the middle and lower bands are curving upwards, with both bulls and bears fiercely battling around the price center.

Although the price has been oscillating between the middle and upper Bollinger Bands for a long time, the bulls have a slight edge in the short term, but overall it's still a stalemate.

Switching to the 1-hour chart makes it more evident, the resistance above is like a wall pressing down on the price, while the support below is like a spring bed holding it up.

At this moment, while the converging triangle hasn't chosen a direction, it is likely to continue swinging within the existing channel until one side suddenly exerts force to break the balance.

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