The evening bitcoin has finally welcomed a key breakthrough. Although the price dipped to the 103,700 line and did not continue to decline, this action has validated our recent judgment of a downward oscillation. From the market perspective, the current price has formed a clear resistance zone between 104,000 and 106,000, with each rebound facing strong selling pressure. It is worth noting that the four-hour MACD has been continuously expanding below the zero line, and the Bollinger Bands are gradually widening. These signals indicate that the market is accumulating momentum.

Currently, market sentiment is cautious, with most funds in a wait-and-see mode. From on-chain data, the exchange inventory continues to increase, indicating that selling pressure is still accumulating. If the key support level of 103,000 is broken, it may trigger a new wave of accelerated decline. It is recommended to seize the rebound opportunity to layout positions, with a focus on the resistance level around 104,500.

Operational suggestions:

Position around 104,500 for bitcoin, with a stop-loss at 105,800 and a target of 103,000.