$BTC

Bitcoin's drop in the early morning directly destroyed the small-scale bullish structure.

Although technically it is a long wick, structurally it indicates that the minor trend couldn't hold and got knocked down. Now, it has transformed from a small bullish trend into a consolidation structure.

Currently, there is bullish liquidity piled up between 103k and 102k, while the bears just got swept in a wave. The main players are sharpening their knives, preparing for the next game to begin.

As for Bitcoin's current structure, it is in a state of chaotic consolidation, with weak capital sentiment. There are still a bunch of problems outside, and the American data seems to say nothing of significance, while geopolitical conflicts continue one after another.

Bitcoin failed to break through 109K and instead retreated. The current downward trend has eased and is beginning to rebound, indicating that important support and trends have not yet been broken. Maintain a rebound strategy, but be cautious of risks in the 109K–110K range.

Resistance levels: 110200, 108600

Support levels: 106500, 105000

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