After the early morning pancake callback to around 106800, it immediately rebounded and surged to 108300. At this time, the market was filled with voices chasing high prices, but our opinion remains firmly in favor of seeing a pullback. Sure enough, the pullback provided over 6000 points of space to follow up and directly profit.

Technical analysis shows that Bitcoin has been continuously weakening over multiple periods. The daily chart has consecutively broken below the support of the 5-day and 10-day moving averages, and the MACD dual lines continue to operate below the zero axis, clearly indicating a market pattern dominated by bears. The 4-hour level is likewise under pressure, with prices constrained by the short-term moving average system, and the MACD remains in the negative zone. Although the RSI indicates that the market has entered an oversold area, suggesting a potential rebound, the overall technical formation still leans bearish. Overall, Bitcoin is expected to maintain a corrective stance in the short term, but under the pressure of being oversold, the risk of a technical rebound cannot be ignored.

Key resistance levels to watch above are 106000 and support below is at 102000.

In the afternoon, a rebound near 10400_104500 can be used to plan the strategy.