I. Market Overview According to the latest candlestick data, the current price of Bitcoin is 106460, directly quoted from the closing prices of the latest hourly and daily candlesticks. The daily candlesticks over the past 14 days show that Bitcoin has experienced a significant decline, dropping from a high of 126200. The current price is far below the high of this cycle, and the overall market sentiment is weak. In terms of trading volume, recent daily candlesticks indicate a significant increase in trading volume, particularly when it fell to 105307, where the daily trading volume reached 15771, showing intensified selling pressure and turnover during large fluctuations. Over the past 48 hours, the volatility has continued to increase, with the recent low of the hourly candlesticks touching 105756, accompanied by a sudden increase in local trading volume, such as 2611.31 at 106678, reflecting fierce competition between the bulls and bears. In terms of market sentiment, analysts believe that the current bullish positions have partially taken profits, risk appetite has decreased, and some participants have manually closed positions or are waiting for the next opportunity. II. Technical Analysis Through the technical interpretation of the 14-day daily candlesticks and the recent 48-hour hourly candlesticks: 1. Support and Resistance Range: The recent low is around 105307-105852, indicating that this range is a short-term effective support. If it breaks below, the previous low of 105000 (the stop-loss level suggested by analysts) will be the next key support. The upper resistance is between the recent highs of 111294-111587, while 110500-110750 is also a short-term resistance. 2. Trend Structure: Continuous days of negative candlesticks, and the latest price has lost the integer level of 108000. The decline has accelerated over the past two days, with short-term rebounds quickly retracing, and the bullish counterattack is weak. 3. Trading Volume: The trading volume has significantly increased as the price has fallen, indicating that selling pressure dominates the market. Especially below the moving averages at 105307 and 105852, the volume has increased, indicating intensified capital competition. 4. Short-term Volatility: Observing the hourly candlesticks, the range of 106678-107600 had a brief pullback, but faced multiple rejections and fell back, showing heavy short-term selling pressure and limited buying support. III. News and Policy Interpretation Recent news shows that multiple mainstream media outlets continue to focus on Bitcoin, involving whale fund movements and significant liquidations of main funds. Specific reports include "Bitcoin fell to 105,000, the market suffered 1.13 billion USD in liquidations," indicating that panic sentiment has led to a large number of bullish positions being forcibly closed. In addition, news such as "crypto whales opened a 55 million USD BTC long position" and "100% win-rate whales continue to long but have given back all profits" reflects that institutions are in a phase of repositioning, with significant emotional fluctuations. There have been no new policy changes in the last 24 hours, and no new policy information was observed in the input data. The timing of news releases coincided with significant price declines, indicating that negative news and capital liquidations have had a substantial impact on the short-term market. IV. Analyst Opinions Consolidating the input from analysts, it is necessary to quote and compare each point: - "The cost of BTC long positions is around 106780, set to run half of the position ahead of time because it was added. It was targeted with a 22u deficit." - "The Bitcoin position has now closed 50%, the 106200 add-on was received." - "Note ⚠️ the full liquidation price should be below 90,000 USD… stop-loss: 105000" - "All Bitcoin long positions are set to take profit at 108000… set a buy order at 102888 for long positions, stop-loss at 100,000 exactly…" These strategies indicate that the analyst has added to long positions in the range of 106200-106780 in batches, with clear risk control for long positions, suggesting a stop-loss set at 105000, and short-term targets referenced at 108600-113000. Comparing with the actual price movements of the candlesticks, the current price has dropped to 106460, with some intervals touching the add-on area, but no signs of a rebound have been seen, and it is already close to the stop-loss level suggested by analysts, reflecting further risk escalation. Analysts have adjusted their strategies based on market changes, having closed 50% of positions and recommended continued observation, reflecting vigilance against downside risks. V. Market Outlook and Operational Suggestions Based on the current candlestick structure, the short-term downward trend has not changed. Although there is support near 106200, multiple tests have not shown effective rebounds, indicating that the downward channel has not been reversed. 105307-105852 is currently the most direct support zone, and if it breaks below, close attention should be paid to the key defense line at 105000. The upper pressure is concentrated in the range of 108600-110500, and if rebounds are weak, caution should still be exercised. Referring to the analyst's suggestions of "stop-loss 105000, take profit at 108000, 108600, 113000," short-term trading can be attempted in batches with light positions in the 105800-106200 range, strictly setting a stop-loss at 105000, and it is not advisable to take heavy positions. VI. Risk Warning From the candlestick observation, the market is still in a high volatility, downward-dominated pattern, with prices sharply declining in the short term, and trading volume continuing to expand, reflecting extremely strong selling pressure. Currently, there is significant divergence between bullish and bearish sentiments. Due to concentrated liquidation events, if the 105000 line is breached, it may trigger more panic selling, further increasing short-term risks. In this environment, it is recommended to strictly control positions based on analysts' predictions to defend key price points while also paying attention to the risks of shakeouts caused by high-frequency fluctuations, avoiding losses from chasing highs and cutting lows. Summary: Bitcoin is currently in an important support range for the short cycle. If the defense line at 105000 is effective, combined with light positions and strict stop-losses, one could consider participating on dips, but all suggestions are based on the input candlesticks and analysts' original text, and one should be highly vigilant against the continuous release of downside risks.