The four-hour chart for Bitcoin has broken down, and the pullback may not be over yet. It has been fluctuating around 104,000 for four to five days without a breakthrough, so it is unlikely to recover immediately. Pay attention to the support level at 100,000, with resistance at 103,500. The successful trade negotiations between China and the U.S. have lowered tariffs, which is positive for Bitcoin. The Fed has pushed back interest rate expectations to July, and the short-term strength of the dollar may suppress Bitcoin's gains, but the medium-term rate cut cycle remains favorable.

Short-term strategy:

The range of 103,500 to 104,500 is a resistance area where one can consider shorting with a light position, placing a stop loss around 105,500, targeting around 102,000.

If bullish prices stabilize in the range of 100,000 to 102,500, one can set up long positions, with a stop loss at 98,500 and a target around 104,000 to 105,000.

Focus on the effectiveness of the support level at 100,000 and whether the resistance level at 105,000 can be successfully broken. If this pullback does not break the support level, then one can boldly set up long positions.