The large pancake experienced severe fluctuations at $BTC in the early morning, significantly rebounding after a technical pullback, with the leading position causing panic selling, dropping unilaterally to a temporary low of 105704, followed by weak fluctuations, intensifying the market's bearish sentiment. The secondary market's trend is synchronized, with a minimum retracement to the 2600 level finding support.

Currently, the trend has formed an intraday high, rebounding after a second bottom test, but the upward momentum is weak, facing considerable resistance. The hourly chart shows the coin price fluctuating within the Bollinger Bands, presenting a box pattern, with the key position in a stalemate, direction unclear. The large pancake candlestick indicates heavy selling pressure above, and a strong defensive line for the leading position; the leading party has the advantage when falling, while the upward momentum is weak during rebounds. It is expected that the market will first consolidate at the bottom before attempting to rise. The Asian session is suitable for short-term operations in the leading position.