After liquidating $97,000 of short liquidity last night, the price lacks further momentum to rise, while the U.S. stock market being closed has led to a decrease in demand for U.S. dollars, causing the price to begin to slightly retrace, with new short liquidity starting to appear.
The ideal situation is that tonight the price can continue to rise to around $98,200, at which point we will observe whether the shorts will choose to surrender. If the shorts surrender, the price may retrace and consolidate; if the shorts do not give up, ongoing short pressure may drive the price back below $100,000, retesting the important psychological level.
In fact, prices often cannot trigger short sentiment without experiencing a noticeable retracement, which may gradually weaken the bullish trend in the absence of momentum. Subjectively, it seems we may currently be in a large range oscillation phase between $85,000 and $105,000, with a $20,000 volatility range being both challenging and attractive.