Bitcoin has shown a complete downward trend since reaching a peak of around $124,000, with strong resistance formed by moving averages above the candlestick across all timeframes, and short positions clearly dominating the market.

The current Bitcoin trend today is relatively stable, but it is still in a downtrend channel overall, with continued selling pressure in the spot market. The contradictions between long and short positions in the derivatives market have added uncertainty to the market. From the four-hour chart, the coin price is running below the middle track. Although there was a rebound after it fell to the support level of 108500, the strength was weak and the sustainability was poor. Therefore, Lixiang believes that future operations can wait for the coin price to slightly rebound to 110300-109800 and then short accordingly, with the first target at 108500 and the further target at 107500.

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