Bitcoin surged to 108700 in the morning before quickly retreating, forming a nearly 1500-point one-sided decline, with a minimum touching 107300. The 4-hour MACD has a death cross and volume has increased, while the RSI remains in the weak zone at 44, indicating that bears are dominant. The 108000-108700 area has formed strong resistance, and the current price hovers around 107900, constrained by the MA5 moving average, with rebound strength clearly insufficient, and the overall trend still leaning towards bearish.
Key position analysis: The upper level of 108700 is the morning high, resonating with the Fibonacci 38.2% resistance (108500), forming a pressure point. If it cannot break through, the downward trend will continue. The short-term support below is at 107300, and if it breaks, it may further explore 106500 or even 105800. The current rebound is insufficient, reaching only 50% of the decline, which is a weak correction, and bears still hold the initiative.
Operation strategy suggestion: Aggressive traders can gradually build short positions in the 107900-108200 range, with a stop loss set above 108700, targeting 107300 and 106800. If the price still cannot stabilize above 108000 before the European session, it confirms the weakness of the rebound, and additional short positions may be considered. Close attention should be paid to changes in volume; if the rebound shrinks or breaks below 107300, the bearish trend will continue.
