Although Bitcoin rebounded from a low of 104800 to 105900 in the morning, it is still operating within a downward fluctuation channel. From a technical perspective, the current rebound strength has significantly weakened, and a short-term resistance level has formed around 105900, which has been tested multiple times without an effective breakthrough, indicating insufficient bullish momentum. The 4-hour MACD shows signs of a death cross, and the KDJ indicator has turned downward from a high position, suggesting that short-term pullback risks are accumulating.

The price has been repeatedly blocked around 105900, which not only serves as a resistance level from previous highs but is also where the mid-line of the 4-hour Bollinger Bands is located, limiting the rebound space under dual pressure. If it cannot stabilize above 105800 during the day, it is highly likely to test the support range of 105000-104800 again. It is particularly noteworthy that the trading volume during this rebound has continued to shrink, which is a typical volume-less rebound, further increasing the possibility of a false breakout.

In the short term, consider gradually placing short positions in the range of 105800-106000, with a stop loss set above 106200, and targets successively looking at the support levels of 105200 and 104800. If the price unexpectedly breaks through 106000 and stabilizes, it will be necessary to exit and observe in a timely manner. The current market is overall in a fluctuating bearish pattern, and it is recommended to adopt a defensive counterattack strategy, strictly controlling position risk. (Market volatility is increasing, and risk control must be prioritized.)