From the 1-hour chart of Bitcoin, the previous continuous bullish candlestick bodies gradually expanded, with long positions quickly accumulating strength, driving the price to form a clear rising trend until it reached the high point of 108783. Subsequently, the first high bearish line broke the rhythm, followed by an increase in the number of bearish lines and the expansion of their bodies, with short order strength dominating, causing the price to quickly fall and establish a short-term downtrend. The short order we set up at midday has already gained more than 1k points, allowing us to exit.

At the key level, the previous low of 107203 serves as a short-term support reference. If it breaks down without buying support, the space below will open up.
Short-term trend prediction indicates that bears are currently dominant. Without favorable fundamentals or significant buying pressure, a decline is likely to continue. Bears can rely on resistance to set up short orders, targeting around 106300.

BTC-1.24%

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