How to realize a BTC pullback to 9-7w? Based on the current market situation, it's not easy. Let's simulate its trajectory from a bearish perspective:

First Level: A pullback near 112450, where the 2-day EMA30 is located, providing some support. If the rebound here is below 114000, it will drop to retest 112000. Last week, it slightly broke this level, and after three retests here, it might break down because the 2-day and 3-day lines have a dead cross, and the fast and slow lines are opening downwards, enhancing the downward momentum, effectively breaking 112000.

Second Level: After breaking 112000, there is a weak support near 110065 at the key level. If this level is lost, it will touch the 5-day Bollinger middle band around 109750. This is also a support level; generally, the first time it breaks down, it tends to recover. If the bulls give up the counterattack, the rebound here won't exceed 112000, usually rebounding to 111400-111800 before turning downwards.

Third Level: After breaking the 11w key level, the first support below is 108800-108200. If the bears are strong, it might directly break 108200 and drop to the 2-day Bollinger lower band around 107250.

Fourth Level: The highest rebound at 107250, if it does not exceed 108800-109400, will lead down to around 105685.

Fifth Level: Near 105685, approaching the central position of 105000, bulls will generally resist in the range of 105685-105080. It is generally easy to rebound to 106850-107700 from here.

Sixth Level: After breaking 105000, it will reach 103850-101850, where the last strong support above the 10w key level is located. The 102000 level is at the weekly Bollinger middle band, which is the ultimate defense line for the bulls. If it breaks below here and does not recover, it can basically be determined that the entire bull market has ended, including the fact that spot trading will no longer be held. As long as it does not break below here, spot trading can continue.

Seventh Level: After effectively breaking 102000, the support below is 98800-98200. After this, it will be a one-sided downward trend, belonging to a bearish market.

Eighth Level: After breaking 92000, we can basically see 86000, 79360/78800 in sequence (currently, the bottom is about 4000 points higher than the April 74600).