$BTC Bitcoin has recently been bungee jumping at high levels. Although the overall trend is still moving upwards, the steps are clearly getting smaller.

The doji on May 23 combined with the top pattern looks like the bulls are catching their breath, and in the short term, there is a high probability of consolidation and liquidation.

Keep a close eye on the key support line at 74457. If this level is broken, the trend may turn bearish.

If the upper pressure level at 111959 is breached, a new height will be directly unlocked. Currently, both bulls and bears are locked in a close battle around 111028, and the outcome depends on these two defense lines.

In terms of operations, it is now a "watch more, act less" period, preparing for two scenarios: if the price breaks through the 74457 floor price, reduce positions decisively or open a short position.

If there is a violent breakout above the 111959 ceiling, chase the rise without hesitation. Looking closely at the technicals, the wave initiated at the end of April has shown signs of fatigue, with continuous signs of stagnation appearing at the end of May. Although the weekly trend has not deteriorated, the daily MACD is flattening and trading volume is shrinking, clearly indicating that large players are starting to count their money and observe at this level.

Everyone can pay more attention to the support levels around 109700 and 109000 for Bitcoin today. If there is a significant rebound at these two levels, consider positioning for long orders.