November 11th Bitcoin Market Analysis:

Yesterday, Bitcoin showed a range-bound consolidation between 104,000 and 106,500, with bulls and bears battling within this zone. Trading volume remained moderate, with no clear signs of a breakout with increased volume. Market sentiment was relatively cautious.

Early this morning, Bitcoin began to trend upward with a volatile rally driven by short-term capital inflows. The price gradually climbed from around 104,500, successfully breaking through the previous resistance at 106,500. After reaching a key resistance at 107,500, upward momentum was hindered by increased selling pressure above that level, leading to a pullback. As of now, Bitcoin is consolidating around 106,900 with weakened short-term upward momentum. The 106,500-107,500 range has formed a new resistance zone, making it unlikely for the price to break higher in the short term. The market is expected to remain in a sideways, slightly bearish pattern.

• Short entry zone: 107,000-107,700

• Target levels: First target 105,000; second target 103,000