Bitcoin surged to $106,500 in the morning but faced pressure and fell back, dipping to a low of $105,200, indicating insufficient bullish momentum. The current price is fluctuating around $105,500. If the key support at $105,000 is lost, it may further drop to $104,300. The 4-hour RSI and MACD indicators have weakened, enhancing the short-term correction trend.
The current price is still under pressure from the descending trend line, and if it cannot stabilize above $105,800, the rebound strength will be limited, and bears may continue to dominate the market. Aggressive traders might consider lightly shorting around $105,500, setting a stop-loss above $106,000, with a target of $104,500-104,300. Cautious traders should wait for confirmation of a break below $105,000 before following up.
One should be wary that if the price unexpectedly stabilizes above $106,500, it may disrupt the short-term bearish structure. However, the current technical outlook still leans towards a correction. In trading, it is advised to primarily focus on short positions, strictly set stop-losses, and pay attention to changes in market sentiment and capital flow.
