The large pancake continues to test recent lows, and the news front is temporarily stable;

Currently at the lower edge of the descending channel, negative news has partially materialized, and there are signs of a short-term halt in the decline, but this is merely a "deep drop rebound" rather than a reversal;

The strength of the rebound is limited, and the downward space is still greater than the upward potential. Any upward bounce should primarily focus on "reducing positions/hedging at highs", do not chase long!

A rebound to around 113800—114500 can be an entry point for short positions, with targets at 111700, 110000, and 108000! $BTC #