Bitcoin has rebounded in the early morning, testing the upper resistance. After reaching 107965, it retreated and moved lower again. Attention needs to be paid to whether the lower level of 106700 can hold.

If it breaks, it will increase the intensity of the pullback; if it holds, it will oscillate in the range of 106700-108100, allowing for back-and-forth trading.

On the 4-hour chart, there have been three attempts to break through, but the upper resistance is strong, and the trend is still dominated by bears. Continue to short during the afternoon rebound:

• Short Bitcoin in the range of 107700-108000, with a target near 106000;

• Short Ethereum in the range of 2460-2480, with a target near 2380.