Bitcoin experienced a deep bottoming out at midnight and quickly began to rebound. Bullish forces have risen strongly, pushing the price to break through the key level of 103,000, currently oscillating around 105,000.

From the technical perspective of the 1-hour timeframe, the KDJ indicator shows signs of turning for the K and D lines, indicating that short-term bullish forces are overdrawn, and there may be profit-taking or bearish pressure in the future; although the MACD has shown a short-term rebound, the previous downtrend has not been reversed, and the rebound may be a continuation of the downtrend.

The price rebound is encountering resistance at the middle band of the Bollinger Bands, with weak K-line rebound momentum and insufficient follow-up buying, and a clear downward wave has already formed earlier; the short-term rebound has not changed the bearish trend structure. If it cannot quickly break through key resistance, the bears are expected to restart the downward trend, and caution is needed for the risk of a pullback.

Bitcoin short around 105,500, target 104,300.