Recently, the Bitcoin market has shown a fluctuating trend. Yesterday, Bitcoin encountered resistance around 107500 USD, followed by a pullback. During intraday trading, long positions sentiment gradually weakened, and the price fluctuated within a certain range. As of the time of writing, Bitcoin had touched a low of 106300 USD, and then slightly rebounded to around 106600 USD. Currently, both long and short positions are once again engaged in a contest, with market focus still centered on the key resistance level of 107600 USD.

From a daily perspective, two consecutive days of closing in the red has intensified bearish sentiment. The current price is testing downward, with short-term support located near the five-day moving average. If this support area is broken, it may further pull back to the middle line of the daily Bollinger Bands. In terms of technical indicators, MACD and the stochastic indicator remain parallel, while RSI shows a slight decline, presenting an overall wide fluctuation trend. Investors are advised to remain cautious and avoid blindly chasing prices.

The hourly chart shows that the Bollinger Bands are narrowing, and the price has fallen below the 4-hour Bollinger middle line, currently operating below the middle line. Although there has been a pullback rebound, the resistance at the upper middle line continues to decline. If the price cannot sustain a rebound and break through, the market may once again seek support below.

For short-term trading, it is recommended to sell high and buy low within the range. Pay attention to the resistance level at 107600 dollars above, and the support level at 105800 dollars below. Investors should closely monitor these two key price levels and adjust their strategies promptly according to market trends. In the current fluctuating market environment, risk management is particularly important, and it is advisable to set reasonable stop-loss levels and control position sizes to cope with potential market fluctuations.