BTC 12-hour level closing, price closed at 107,400 USD,

lowest 105,000 rebounded to a highest of 107,800, a rebound of 3,800 USD shows relatively strong momentum. Based on several factors: 1 is that the technical pattern of bouncing back to 105,000 has support, 2 the non-farm payroll expectation on Thursday is likely to be positive.

So after the pullback, a quick rebound, 3 on Friday there is a Bitcoin proposal whose final approval time is approaching, it may pass. However, even if the immediate news forces a rebound, it cannot last too long. There must be real money buying to push Bitcoin towards 110,000; otherwise, everything is in vain.

In the short term, focus on the upper area with concentrated chips, which is also the concentrated area for short liquidation, that is 109,300 here. You can set up short positions in the range of 108,500-109,300 while temporarily not considering long positions for small pullbacks, still waiting to start buying in the range of 104,688-103,688.

If the news lands and Bitcoin hasn't impacted 109,000, it may drop rapidly. Therefore, the overall bearish trend has not changed, and do not be fooled by a temporary rebound.