7.3 Afternoon Bitcoin Analysis

Recently, the price of Bitcoin has been continuously rising, maintaining an upward trend in the short term. However, as it approaches the key price level of $110,000, it faces concentrated selling pressure from bears, resulting in price stagnation. From a technical structure perspective, a long upper shadow and small bearish and bullish consolidation patterns appear at high levels, suggesting significant resistance above.

Going forward, it is crucial to pay attention to the breakout situation at the $110,000 level. If an effective breakout cannot be achieved, it is expected that the price will begin to adjust. Investors are advised to maintain a bearish outlook and seize swing trading opportunities.

It is recommended to short in the range of $109,000-$109,500, targeting $107,000.

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