$BTC The big pancake has been rising continuously since early yesterday morning, but has not achieved a significant breakthrough. Last night, although it briefly broke above the upper Bollinger Band, it quickly fell back under pressure, showing overall characteristics of range-bound fluctuations.

In the early morning, when the market rebounded around 109100, it encountered pressure again and then entered a correction mode, currently oscillating around 109000.

From the daily perspective, the highs are showing a gradually declining trend, and the price is still under pressure from the downward channel. The short-term rebound has not effectively broken through key resistance levels, and the bears are still in control of the situation. The current price is in a critical area of long and short contention, and the long upper shadow of the candlestick indicates heavy selling pressure from above, with bullish attacks clearly obstructed. At the same time, the arrangement of moving averages also shows that the bears have the advantage. Although the price shows some resilience in the short term, the resistance at the high point of 109700 has not been substantially broken through.

On the four-hour level, the space for expansion above is limited, and the Bollinger Bands show signs of contraction, maintaining an overall oscillation within the range.

Based on the current market conditions, today's operations can still adhere to a high short strategy. The specific suggestion is: when the big pancake price is around 109200, set a short position, with the target price first looking towards 108000, and further towards 107000.