Recently, the price of Bitcoin has entered a volatile pullback channel. On the daily chart, after a series of consecutive bearish candles, there are signs of a slight recovery, but the overall downtrend has not yet been reversed. The current price has formed a key area of contention between bulls and bears around $104,000. If a stable support cannot be established at this position, it is likely to dip further to the $102,000 to $98,000 range.

In the short term, the support level to focus on is the key defense zone between $102,000 and $103,000, while the $100,000 round number forms a strong support level; on the resistance side, $106,000 is the core target for the recent rebound, and until that level is broken, the market will continue to maintain a weak oscillating pattern.

Technically, the hourly chart's Bollinger Bands are showing a downward divergence, and the MACD indicator maintains a death cross trend. The rebound momentum is weak, and bearish forces are currently dominant. If the price fails to break through the resistance at $106,000, the downward trend may continue, with the next target range possibly pointing to $93,000 to $83,000.

In terms of operational strategy, the short-term suggestion is to focus on "shorting on pullbacks" as the core idea, strictly controlling the position size and avoiding heavy positions to resist risks. Continuous attention should be paid to the effectiveness of the support at $104,000; if this price level is broken and there is no significant buying interest coming in, one can follow up with short positions accordingly. #加密市场回调