The retreat of Bitcoin from the highest point of 108353 is seen as a pullback against the blue upward wave.

From a larger perspective, looking solely at Bitcoin, it currently appears to be performing very strongly, with the depth of the drop being quite limited. This is also the main reason for the market's panic; Bitcoin hasn't really dropped much, while altcoins have been hit hard. If Bitcoin were to really drop, what would happen to the altcoins?

The wave pattern drawn has not changed. If the previous low cannot hold as support, then 89600 will be a relatively strong support level. There is no market that only goes up without any drops, and there is no market that only goes down without any rises. I believe that now is not a very good time to open a short position. "Just like a friend of mine" who has been shorting near the 100,000 mark, getting stopped out countless times without knowing if this smooth decline will be profitable. However, at this position, I believe the cost-effectiveness of shorting is not high; just look at the chart.

The previous low support pillar is the bottom. If it can't hold, then go to 89600 to find support.