The large pancake is still facing adjustment pressure in the short term, with three major signals shown on the market: 1. Weak buy orders on the order book, 2. Continuous outflow of main funds, 3. Dominance of short positions at the four-hour level. Although ETF institutions are still increasing their holdings daily (with a net inflow of 600 million dollars on the 3rd), the market lacks short-term momentum and is expected to adjust the first target to the support level of 105,500 dollars. The resistance level is 108,600 dollars, but the bullish logic in the medium to long term remains unchanged. The cumulative effect of continuous buying by institutions will support the price, with a target of 130,000 dollars being the medium to long-term expectation. The current adjustment is a healthy technical pullback!