Bitcoin's current price trend has entered a critical point of 'tension,' with a reference range of 105,000—106,000.

If the price retraces without breaking below 105,000 and continues to attempt to break above 106,000 and stabilize, it can be considered an effective breakthrough. This will not only change the running direction of the 4-hour range but also bring the price back to the optimistic range of the upper track of the daily range, which will be more favorable for bulls.

However, it is still important to note that after the 4-hour breakthrough, beware of short-term pullback demands. Currently, there is a clear divergence in the 4-hour range, with the RSI index around 62. If the index touches 70 in the context of divergence, it is necessary to be cautious of 4-hour pullback fluctuations.

Tonight's rise in U.S. stocks has not effectively driven BTC's rise, with three reasons:

1. Funds are currently leaning towards U.S. stocks and neglecting BTC, so we need to wait until U.S. stocks close to see if BTC will catch up. There have been similar situations in the past.

2. BTC's rise today has been strong, having already priced in the bullish sentiment in advance. This is the stage for U.S. stocks to perform, and if U.S. stocks cannot advance further, BTC will remain relatively cautious.

3. The Nasdaq and S&P 500 are near historical highs, and the BTC market is concerned about a pullback after U.S. stocks reach new highs, so caution is warranted for current buying to push BTC prices.

Currently, three hypotheses are made, waiting for subsequent market trends to confirm!