The hourly level shows a high pullback pattern, with a technical correction demand during the U-shaped bottom construction. The KDJ indicator presents a death cross + top divergence, indicating a double bearish signal. The contraction of the Bollinger Bands suggests a decrease in volatility, and the MACD histogram shows a momentum decay of $BTC .

Recommendation: 111600-112000

Target: 109000-109700

Defense: 112500