Summary in one sentence: BAKE has dropped 3.8% in 24h, with a net outflow of contract funds of 4.44M, and the price has reached 0.0956, running close to the lower edge of the 70% value area (0.088-0.106); a huge volume turnover (310 million) appeared around 0.096 POC, with Up Volume accounting for 67%, indicating that bulls are trying to hold the value anchor. In the short term, one can try to long with light positions at the low gap of 0.094-0.095, with a stop loss at 0.092 (below HVN's outer edge) and a target of 0.100-0.102 upper track, risk-reward ratio ≈ 2.3:1. If it breaks down with volume below 0.092, the bullish structure will fail, and one should switch to short.

Key interval structure
• Value anchor: POC=0.0963, the densest trading area in the past two weeks, with the current price only -0.7% floating above it, considered the bullish bottom line.
• High trading volume areas: The three main HVNs at 0.0907, 0.0922, and 0.0968 provide step-like support; 0.100-0.102 is the most recent HVN above, acting as the first target for rebounds.
• Low volume gap: 0.094-0.095 (LVN) is a 'void', with prices often passing through quickly; a pullback that doesn't break this level is considered a point for bulls to re-enter.
• 70% trading volume coverage area: 0.0881-0.1066; the current price is at the 38% percentile of the range and is not overbought.

Momentum verification
• Up Volume in the POC area is 67%, with a 4h level confirming buying pressure with a strong bullish candle; contract OI has slightly increased by 0.43% in 24h, and the long-short ratio has dropped from 3.12 to 3.03, indicating a slowdown in short positions.
• The 1h Bollinger Band middle track = 0.0965, with the price closely following the middle track; RSI 37 is not oversold, and combined with increased trading volume, it meets the conditions for a rebound.

Order book anomalies
• Large sell orders of 0.3-0.45 are piled up over 1 million USDT, difficult to touch in the short term; near-end orders are thin, with -2572 USDT sell orders slightly more, but the buy-sell ratio of 1.24 still leans towards bullish.

Market cycle
• 2-week perspective: it is in the middle of the large box of 0.071-0.123, showing a phase of 'consolidation after a big drop'; the 14-day contract holdings have decreased by 16.6%, and the long-term short covering has not ended.

Trading strategy
Aggressive: Limit buy at 0.0947±0.0003, stop loss at 0.0920 (-2.8%), target at 0.1006 (+6.2%), risk-reward ratio 2.2.
Conservative: Wait for a Pin-Bar or engulfing pattern to appear at the 15m level before entering, with a stop loss at 0.0918.
Cautious: If it breaks below 0.092 with volume, short on a pullback to 0.0925-0.093, with a stop loss at 0.0945 and a target at 0.088.

Risk warning
• Macro: The funding rate is only +0.0096%, limiting the cost for bulls; if the market continues to decline, it may drag down the situation.
• Invalidity: If it drops below 0.092 and closes below HVN 0.0907, the bullish structure is damaged; or if the trading volume suddenly decreases, the rebound will lack strength.
• Risk Control: Single transaction risk ≤1%, avoid high volatility periods, pay attention to slippage.

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