The bloodsucking effect of the large pancake is once again highlighted. The recent rally rhythm is highly similar to the previous dumping tactics, both choosing to launch surprise attacks during the early morning hours, clearly compressing the operational space for retail investors. This market led by institutions, even if it strengthens in the short term, cannot hide the imbalance of market liquidity.
From a technical perspective, BTC has formed short-term resistance in the range of 118600-119600. If it cannot effectively break through, it may pull back. Market sentiment in the second half of the year may face a turning point, and we need to be vigilant about the risk of trend reversal.
Operational suggestion:
Bearish near 118800-1198000, target 117500-116500, strict defense
