After clearing 97,000 short liquidity last night, the price has no fuel to continue rising. At the same time, the US stock market is closed, leading to a weakened demand for USD funds, and the price begins to slightly retrace, with new short liquidity appearing again.
The ideal situation is for the price to continue rising and clear in the evening, reaching around 98,200. At that time, we will see if the shorts give up and surrender.
If they surrender, the price will continue to retrace and fluctuate.
If it goes up, continued short fuel can bring the price back below 100,000 to retest the psychological level.
Many times, if the price does not undergo a significant retracement, it cannot stimulate the emotions of the shorts, which instead leads to the bullish trend weakening due to a lack of fuel.
Subjectively, a large range of 105,000~85,000 may be forming, with a $20,000 fluctuation, which is indeed very exciting.