#比特币 Bitcoin continues to be under pressure near new highs, with bullish momentum insufficient to absorb selling pressure. This means that the consensus for new highs among bulls lacks continuous capital buying, and a breakthrough seems temporarily hopeless, requiring a wave of bearish retracement to release selling pressure. The previous article from the medal mentioned avoiding the intuition of new highs breaking through at high levels, and indeed the price has retreated again. For the upcoming trend, the medal believes the price has broken below the 108,000 level, and the entire bearish trend is now irreversible.
The hourly chart has formed a clear bearish trend. Although the 4-hour MA moving averages are still in a bullish state, this is at an early stage and does not form a strong bullish guidance. For the upcoming operations, the medal judges that it is still necessary to focus on short positions to respond. To avoid short-term rebounds, it is recommended to short in the 108700-109300 range, with a stop loss expanded to 111000 USD, and target profits at 106500, 105500 USD, and for the medium term around 103000 USD.
Of course, for those holding long positions, the medal believes it is necessary to recognize the need for a change in market structure, to avoid holding onto positions hoping for good fortune, and to cut losses in a timely manner while increasing short positions to reduce losses.$BTC 
