Every time Bitcoin approaches a historical high, doesn't everyone have a feeling that this time it will break through? The psychological impulse is hard to express, yet it still ends up under pressure and retreats. A few days ago, the Medal emphasized in an article that one must avoid chasing high positions in the hope of a breakout. It is not recommended to go long on Bitcoin in the $104,000-$110,000 range, as it is a heavy pressure zone where it is difficult to predict which attempt will break the new high. The number of failed breakout attempts exceeds the successful ones, and the profit-risk ratio for holding long positions at high levels is not favorable.

In fact, after Bitcoin stabilizes and breaks the new high, participating in the altcoin rebound opportunities can still yield considerable profits. Therefore, exercising restraint on going long near the new high or trying short positions may bring the desired results.

As Bitcoin breaking the new high means all Bitcoin holdings are in profit, whether for short-term or medium to long-term holders, the demand to sell increases significantly. The main force pulling up needs sufficient funds to meet the sell orders; selling 10,000 Bitcoins requires over $1 billion in funds, which is quite challenging. Thus, do not regret missing the rise after a new high; the rise only happens once, while the retreat from the top boundary can occur several times. This market is a game based on probability and statistics, so believe in mathematics.

Each time there is a retreat from the top, we can tentatively think that it will continue to reach the support boundary at the bottom, which is around $102,000. If the boundary support fails, it will slide below $98,000.