Bitcoin made a rebound on Thursday morning, starting to rise after hitting a low of $103,200, providing a brief respite to the continuously fluctuating market. However, this price increase seems to be merely a technical rebound following a deep fall. From the perspective of the daily chart, the current downtrend may only truly end if the price can firmly establish itself above $106,500.

Observing the 4-hour chart, it can be seen that the market is currently in a consolidation phase. After reaching the resistance level of 105,500 dollars, the price has entered a correction. There have been multiple tests of the support level at 103,100 dollars, each resulting in a quick rebound. Intraday trading shows a tug of war between the bulls and bears, but the overall market is still dominated by the bears.

According to technical analysis, Bitcoin may encounter resistance in the range of 105100-105400 USD, with a downward target around 103500-104000 USD. As for Ethereum, it is expected to face selling pressure in the range of 2530-2545 USD, with a target support level near 2480 USD.

Investors need to closely monitor the breakout of key price levels to determine the market direction in the short term.