The strong rise of the pancake on Monday actually has its reasons $BTC
The market was like it was on pause for two days over the weekend, with extremely low volatility; the trading funds that were pent up were already waiting for the market to open.
I personally tend to think that last night's surge was due to institutional reallocation actions in conjunction with spot buying entering the market, which pushed the price up forcefully.
Now the market has entered a short-term battle between bulls and bears: short-sellers who chased the price high are being trapped and cutting losses one after another, while new bulls are buying the dip during the pullback. Both sides are waiting for the main force in the spot market to show their stance.
From a technical perspective, we currently need to closely monitor the key support level of 103800.
As long as the 4-hour candlestick closes above this level, bulls still have a chance to challenge the range of 105.8-107.2, as these three levels are important resistance points.
However, if the 4-hour closing price effectively breaks below 103.8, this round of the 4-hour rebound may come to an end, and we should pay attention to the support zone of 102.5-100.7 below.
In terms of operations, it is advisable not to rush to bet on the direction; it is more prudent to wait for the main force to choose a breakout direction before following up.