At the end of the month and the beginning of next month, the daily line will continue to decline. This adjustment is a short-term adjustment based on the inability to break through the 112000 pressure level. The medium to long-term structure remains bullish. The weekly line has seen 7 consecutive ups, and this month’s last week ended with 7 weeks of gains, so it’s normal to end with a bearish week. Let’s talk about the direction ahead:

The most important strong support below 105000 for BTC is 103800. Here, it is freely accessible around 106400. As long as it does not fall below 103800, the short-term rebound can reach as high as around 106400. Therefore, re-entering high shorts cannot be below 106400. The range of 103800-103300 will generally hold for a while, and then break down towards 101450. This is the 0.382 retracement level, which is determined to be the 'short-term bottom-fishing' position. Generally, it should rebound back to 104000-105250 before choosing whether to go up or down. If the main force continues to choose downward, then watch for a break below 100000, heading towards 98200-95000. If the main force chooses upward, it needs to break through 106800 first.