From a technical analysis perspective, the current market exhibits a range-bound downward trend. The Bollinger Bands are continuously narrowing, with prices repeatedly testing the middle band, indicating a stalemate between bulls and bears, and a significant decrease in market activity and volatility. The KDJ indicator has formed a death cross in the overbought zone, suggesting that short-term upward momentum is exhausted and adjustment pressure is increasing; the MACD indicator's green bars are gradually shrinking and approaching the zero axis, although showing that bearish strength has weakened and there are signs of a temporary stabilization in the market, it has not yet formed a clear reversal signal, and the bulls' counterattack momentum remains weak. Overall, it is judged that there is a high probability of the market continuing its weak pattern in the short term, and it is recommended to primarily adopt a short strategy by selling on rallies.

​Bitcoin trading strategy: Short around 106500-107800 on rebounds, targeting down to around 104000.