After the price of Bitcoin surged to around 110,600, there were obvious signs of a pullback. Currently, the price is fluctuating around 109,600, showing an overall trend of high-level consolidation, with momentum gradually weakening.
The Bollinger Bands are starting to narrow, with the middle band slightly flattening, indicating that the market has entered a consolidation phase, intensifying the battle between bulls and bears. The area around 110,300 is a short-term strong resistance zone, where the price has tested multiple times without effectively breaking through, indicating a lack of upward momentum. The adjustment after this wave of increase has not yet ended, and a short-term bearish outlook is more prudent.