$BTC is waiting for a direction, with the price maintaining above 103200. The expectation for a rebound at 106100 remains unchanged, but 102600 will not be the bottom; there will be further breakdowns ahead. This is a continuation of the third drop on the 4-hour chart. The first target for finding a bottom is 101000, and the second target is 96000. The overall direction still looks for adjustments at the daily level. In the short term, regardless of how the 4-hour third drop rebounds or oscillates within 30 minutes, it is all just a performance. Additionally, the short positions in the contract market are continuously accumulating, showing bullish divergence. The probability of a short-term rebound target reaching 106100 or 107000 is relatively high. If liquidity below 102600 is stripped away and then rebounds, a short-term target also becomes reasonable. A drop starting from that rebound target would be the 'three sells' on the 4-hour chart, which will show accelerated decline. At that time, be cautious when going long, and do not easily catch falling knives. Remember these important levels: resistance above at 105200, 106100, and support below at 103600.