Recently, the Bitcoin market has shown a volatile pattern, with prices seeking direction around $107,700. From the 1-hour Candlestick Chart, this level coincides perfectly with the Fibonacci 50.0% pullback level, becoming the focal point of intense struggle between bulls and bears.

Despite the bulls' efforts to hold this key support, the resistance above at $108,800 (corresponding to the Fibonacci 61.8% level) is equally strong. The repeated attempts to break higher have been unsuccessful, reflecting a cautious market sentiment.

If the support at $107,700 is breached, Bitcoin may face a deeper adjustment. Technical analysis indicates that the next important support level is around $106,800, corresponding to the Fibonacci 38.2% pullback.

For short-term traders, a potential shorting opportunity may present itself above $108,500. A conservative target price can be set at $107,500, while more aggressive traders might even extend the target to $106,000.

However, investors should bear in mind that the cryptocurrency market is highly volatile, with risks and opportunities coexisting. Before making any trading decisions, it is essential to conduct a comprehensive market analysis and develop a reasonable risk management strategy.