BTC has recently been fluctuating in a narrow range of 103000-105500, aiming to flatten the holding cost and build momentum for the subsequent market. The longer the fluctuation lasts, the more intense the subsequent volatility may be.

From the trend perspective, the probability of a downward adjustment is relatively high: after experiencing 7 consecutive weeks of gains, the current pullback is far from sufficient. Although the 100,000 level is regarded by bulls as strong support and a stop-loss point, the likelihood of this round's major trend pulling back will probably break below this price level; it is just a matter of time.