On Monday and Tuesday, there was a sharp pullback, briefly touching around 94,200. On Wednesday, it slowly rose, climbing to around 101,800 (with a non-farm high of 102,000). It tested the 102,000 level twice before retreating. During the European session, there was a slight rebound, but the strength was not significant. It is currently under pressure, adjusting around 100,400. In the short term, there have been three consecutive bearish candles, slowly declining towards the 100,000 mark. If this momentum continues, Sister Ying feels that there is a high possibility of breaking below, with the testing force likely extending to the 99,000-99,500 range.

The main reason for Bitcoin's return above 100,000 this time is the 'Trump father-son effect,' coupled with continuous favorable regulatory policies, institutions buying crazily, and some large enterprises accepting cryptocurrencies. Additionally, the probability of interest rate cuts in December has surged.

Looking back at the recent times Bitcoin has approached 100,000, you'll notice that the duration of staying at that level has been very short. After the positive news, how much more favorable news can there be? So once all the good news is out, it turns into a downturn, and that is a pullback. This has been the case each time, followed by a sharp drop, then a series of favorable news stacking up to push Bitcoin up again. This approach feels like a selling operation pulling the price up.

The US market is about to open, and recently, Bitcoin's performance has been rising without falling. In the short term, we should still pay attention to resistance around 101,000, with support around 99,000. In terms of operations, we maintain a low long strategy. As I said, be cautious about going long on Bitcoin above 100,000, unless it effectively stands above 101,000; otherwise, we will continue to look for key resistance to maintain a high sell.