#BTC走势分析 After yesterday's decline, it has returned above 105,000. The 24-hour trading volume is approximately $65.5 billion, still showing a high-level fluctuation trend.

2. Yesterday, it was mentioned that 102,000 is the bottom of the range fluctuation, and from a strategic perspective, there is an expectation to go long.

3. Recently, institutional funds have continued to flow in (such as the U.S. increasing its Bitcoin reserve policy), but the short-term long-short battle has intensified. It is noteworthy that the accumulation of long positions near 102,000 is increasing, which requires vigilance.

Technical Analysis

Currently, the MACD daily level shows a top divergence signal, and caution is needed for pullback risks; a golden cross has formed at the 4-hour level, indicating a possible short-term rebound.

The Bollinger Bands 4-hour chart shows the price fluctuating near the middle band, and breaking through the upper band at 105,750 will open up upward space.

Recently, institutional holdings have increased by 7,500 BTC (worth approximately $750 million), indicating a long-term bullish expectation.

Net outflow from exchanges: BTC continues to flow out of exchanges, indicating that investors prefer to hold long-term, reducing selling pressure.

Today's market is likely to be dominated by fluctuations, with a key focus on the $105,000 long-short watershed.

Operational Suggestions: Try short positions near 108,000, with the first target looking towards near 105,000.

Stop-loss for long positions at 105,000.