Last night, $BTC performed strongly, breaking through the 110,000 mark in one go, reaching a high of 110,484, which almost perfectly aligns with our previous low long strategy target of 110,500, showcasing the bullish momentum in the market. Currently, after surging to 110,000 in the early morning, Bitcoin has seen a pullback and is now fluctuating narrowly around 109,500.
As the US stock markets are closed today, Bitcoin is expected to maintain a volatile pattern in the short term. From the 4-hour candlestick chart, bulls faced significant selling pressure when attempting to overcome resistance levels, forming a clear long upper shadow, indicating weak buying follow-up intentions, and there is considerable pressure above, with a breakout yet to be successful.
Afternoon trading suggestion for Bitcoin: Short in the 109,500-110,000 range, with a target set towards 108,500-107,300.
