Trading Strategy:

Short-term Strategy:

- Consider gradually placing short positions in the $106,500 - $108,500 area, targeting $103,000.

- If the price retraces to $104,800 and stabilizes, consider attempting short-term long positions, but strict stop-loss must be set.

Long-term Strategy:

- Long-term investors may consider gradually building positions when prices pull back to key support levels, with a long-term optimistic view on Bitcoin's growth potential.

Risk Control:

- Strictly set stop-losses to avoid significant losses due to market fluctuations.

- Control position sizes to avoid excessive leverage and ensure capital safety.

Summary: In the short term, Bitcoin's price may fluctuate within the $104,800 - $108,500 range, suggesting a strategy of selling high and buying low. Long-term investors can gradually build positions on pullbacks, paying attention to market trends and policy changes.