BTC has quickly retreated after reaching highs of 110,600 and 110,300 for two consecutive days, forming a double-top structure that indicates strong selling pressure in the 110,000-110,600 area. The current price is hovering around 109,300; if it cannot hold the key support at 109,000, it may further pull back in the short term. The 4-hour MACD shows a divergence and a death cross, RSI has fallen from a high position, and volume indicates a weakening bullish momentum, with bears holding a short-term advantage.

Key levels and strategy: Watch for resistance in the 109,800-110,000 range above; if the rebound fails to break through, it can be seen as a short-selling opportunity. For support below, first watch 109,000; if it breaks, it may drop to 108,200 or even 107,500. Short-term traders may consider light short positions around 109,300, with a stop loss set above 109,850, targeting 108,500 and lower.

Risk warning: Although the technical aspects lean toward a pullback, one should be cautious of volatility brought by macro factors such as the U.S. CPI data this evening. If the price unexpectedly stabilizes above 110,000, it will be necessary to stop losses and reassess the trend. The current adjustment is a short-term technical correction, and the larger upward trend has not been broken, but in the short term, it is advised to operate with a bearish bias.