Bitcoin is experiencing a downward fluctuation, and the short-term rebound has failed to break through the resistance zone. The daily candlestick pattern for Bitcoin in the morning session is very poor, exhibiting a typical bearish engulfing pattern, and bearish formations have also appeared in the two-day and three-day levels. The MACD has reached a stage where a decision must be made; without significant positive news to support it, a breakdown is certain.

Currently, there are clear upper and lower resistance levels, and close attention should be paid to the lower range of support around 107300—106300. A break below will lead to a waterfall effect, leading to further selling pressure, followed by a stop-loss and then a low buy. $BTC