Bitcoin, after hitting a low of 108575 in the evening session, has rebounded but faced resistance and retraced when it reached a high of 110240 due to news influences. Technically, the four-hour chart shows a single bullish candle rising, with a full-bodied bullish line, but the overall rebound is still in the early correction stage. The current price is oscillating upward into a vacuum zone, and attention should be paid to the strong resistance level around the mid-track of 111000 in the short term. If it cannot stabilize effectively at this position, there is a risk of a second downward move. Although the hourly chart is showing consecutive bullish movements, there are clear signs of pressure after touching the upper Bollinger Band, with an upper shadow line forming before retracing. The price continues to test under pressure within the upper resistance zone. Coupled with the possibility of market liquidity contracting over the weekend, we maintain a bearish outlook on Bitcoin.
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Bitcoin, after hitting a low of 108575 in the evening session, has rebounded but faced resistance and retraced when it reached a high of 110240 due to news influences. Technically, the four-hour chart shows a single bullish candle rising, with a full-bodied bullish line, but the overall rebound is still in the early correction stage. The current price is oscillating upward into a vacuum zone, and attention should be paid to the strong resistance level around the mid-track of 111000 in the short term. If it cannot stabilize effectively at this position, there is a risk of a second downward move. Although the hourly chart is showing consecutive bullish movements, there are clear signs of pressure after touching the upper Bollinger Band, with an upper shadow line forming before retracing. The price continues to test under pressure within the upper resistance zone. Coupled with the possibility of market liquidity contracting over the weekend, we maintain a bearish outlook on Bitcoin.