6.16 Bitcoin Morning Analysis

Bitcoin surged to 106,100 yesterday before retreating to 105,600, then sharply dropped to 104,500 in the early morning before rebounding.

The four-hour level maintains a low-level consolidation, with the Bollinger Bands continuing to narrow. The frequent long wicks on the candlestick charts indicate intense competition between bulls and bears, but the price remains near the middle band, and the weak trend has not changed. In the short term, the bears are dominant, and the rebound space is limited, with the market likely to continue downward.

It is recommended to short in the 106,000-106,500 area, targeting 104,500, with strict risk management.