#比特币 Bitcoin closed with a large bearish candle in yesterday's decline, with prices completely piercing through the daily MA60 major support line, disrupting the upward channel and indicating a phase of peak formation. In recent analyses, the recommendation has consistently been to anticipate bearish declines, as the signs of a top formation were already evident above $106,000. The price lacks the momentum to continue rising and there is no new bullish narrative, leading to insufficient buying momentum and continuous selling actions. Therefore, the price falling below $100,000 is not surprising, as previous bearish analyses repeatedly mentioned that the $94,000 area has yet to be reached.
Regarding the upcoming market trend, it is believed that the bearish trend has been established, and bearish actions will continue after the subsequent rebound. The current price rebound is merely a result of market bottom-fishing after breaking below $100,000, as well as a temporary pause in bearish selling pressure, to avoid further panic that would prevent the main players from selling at higher prices.
Considering the current situation, I hope everyone can see this fact clearly: if you are looking to bottom-fish in the short term, it will still primarily be for small profits. For medium to long-term operations in spot trading, patience is needed to wait for the bottom.
The current decline of the K-line is mainly based on the pressure line of the MA60 on the 4-hour chart, corresponding to the current price in the $104,500 area. Therefore, for the upcoming operations, the recommendation is still to focus on short positions at resistance levels. To avoid a concentration of short selling in the market, prices may rebound to eliminate short selling behavior, resulting in a short-term upward trend. It is suggested to wait for short positions to enter in the $104,000 to $105,000 range, with a stop-loss at $106,500, targeting short-term profits at $101,500 and $100,500, while looking at a mid-term target below $98,000.$BTC 
