In the past week, we have experienced multiple sharp rises and falls, with daily fluctuations of several thousand points becoming the norm. At present, 100,000 remains a hurdle for Bitcoin; the bull market is still ongoing, but we have entered a correction phase.

From a technical structure perspective, the daily chart shows an alternating pattern, with a bearish close overnight returning to a low point. However, the support at 94,500 remains strong. The Bollinger Bands are beginning to flatten at a high level, which means the price action will converge, and we should refrain from chasing highs or lows, using the overnight range of 97,500-94,500 for high sells and low buys as a reference.

In the Asian session, there will be signs of a slight rebound under pressure. First, focus on the strength and continuity of the pullback, and then look for entry points. The strong resistance in the short cycle is at 96,500-96,800, which serves as the critical point on the four-hour chart and can be the first reference point for short positions, followed by the area around 97,500 above.

For Bitcoin, shorting in the 96,500-97,000 range with a target of 94,000 and a trailing stop of 800 points.

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