Yesterday's layout achieved four consecutive wins. Currently, Bitcoin is showing a stepwise decline after breaking the previous high, overall exhibiting a wave-like pullback. Although the short-term rebound exceeded expectations, it has not broken through the previous round's starting point, and the weak structure remains unchanged, still bearish.

During this period, several technical rebounds were fleeting, encountering stronger selling pressure when hitting key resistance levels, with prices continuously hitting recent lows, trapped in a cycle of 'rebound - decline - new low'. The intraday market is fluctuating within a range with limited volatility; after a series of upward movements on the four-hour chart broke the middle track, a small bearish pullback occurred. Due to the lack of volume, it is highly likely that time will be used to exchange for space for correction. In summary, without a clear bottoming signal, we will continue to be bearish at midnight.

Midnight trading strategy: Short directly at 112500-113000, with a target of 110000.