The rebound of Bitcoin this round has indeed exceeded expectations. Yesterday's setup for the market was unfortunately hit hard, which is truly a pity. However, to say that the trend has reversed and is turning to go short, I think it is still too early. I have repeatedly emphasized that under the trend of Bitcoin, a rebound is an opportunity to go long. If defensive positions are swept away, then find a good entry point to go long, regardless of whether it's Bitcoin or any other asset.

Currently, Bitcoin's movement is in a corrective phase after an overshoot. However, compared to the earlier period, the cycle and strength of this round of correction have significantly increased, but it has not yet formed an effective breakdown. The upper level of 112,000, which served as a stop-loss level during the previous double bottom, has now transformed from a key support into a strong resistance level. After the price broke above this level in the morning, it quickly retracted, which is enough to validate the effectiveness of this resistance. There is still downward space below the second wave of correction on the four-hour chart, and in the afternoon, we can continue to choose opportunities to go long at high positions for arrangements.

Bitcoin: 111,900～112,200 long, with a target at 109,500. $BTC