Yesterday, Bitcoin failed to break through the resistance level of 108500 after multiple attempts to rally, leading to a strong shift from bullish sentiment to bearish. The upward momentum has gradually weakened, and the intraday market opened with fluctuations leading to a breakdown, reaching a low at the level of 105400. As of today, the market has gradually stabilized, with the short-term resistance moving down to the position of 107300.

Both long and short positions are taking turns to exert pressure, and the overall trend range is being compressed. The five-day moving average above is turning downwards, continuously being pressured by the trend. If the price cannot break through and stabilize at this position during the day, there is a possibility for the market to decline further. The MACD lines are above the zero axis, maintaining a downward volume, while the RSI and Stoch indicators are relatively flat, indicating that there is still a risk of a pullback in the market during the day.

Support level: 105000-105800
Resistance level: 107000-107700

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