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In terms of overall structure, it is still in a process of range compression. This morning, expectations for further interest rate cuts have decreased, leading to a pullback in some points.

On the four-hour chart, the upper trend is clearly downward, with significant pressure from above. Accompanied by the upward movement of the middle and lower bands, both bulls and bears are gradually engaging in fierce competition, with the coin price operating long-term between the middle and upper bands, while in the short term, bulls still hold a slight advantage.

On the hourly chart, the volatility is evident. With severe pressure from above, there is also very strong support from below. Bulls and bears have each maintained an advantage for some time. Before the range convergence is completed, the volatility will continue.