The pancake has been oscillating in a high price range at the hourly level for several days, and the trend has not been able to stabilize above 95,000. Ultimately, it formed a downward trend yesterday, with short-term support around 103,000 turning into a resistance level. Looking at the daytime, the price attempted to return to the box structure but ultimately failed. Overall downward pressure still exists. In the short term, we need to see if the level around 100,000 can hold.

Reference points: Short at 102,200, target 100,200, stop loss 1,000 points.