Recently, the Bitcoin market has shown a fluctuating consolidation trend. Although an upward trend began to appear yesterday morning, it failed to achieve an effective breakthrough. After a brief breakout above the upper band of the Bollinger Bands last night, the price quickly fell back, indicating that the market is still in a range-bound state.

In the early hours, Bitcoin encountered resistance around $109,100 and subsequently entered a retracement mode. The price is currently fluctuating around $109,000, reflecting a fierce struggle between bulls and bears in this area.

From the daily chart analysis, Bitcoin's highs show a gradual downtrend, and the price is under the pressure of a downward channel. The short-term rebound failed to break through the key resistance level, indicating that the bears still dominate. The long upper shadow seen on the candlestick chart suggests significant selling pressure above, and the bulls' offensive is clearly hindered. Meanwhile, the arrangement of moving averages also shows a clear advantage for the bears.

Although Bitcoin has shown some resilience in price in the short term, the important resistance level of $109,700 has not been effectively broken. On the four-hour level, the upward space is limited, and the Bollinger Bands show signs of convergence, indicating that the market may continue to oscillate within the range.

Considering the current market conditions, investors may focus on shorting opportunities around $109,200. The potential downside target may initially point to $108,000, and if that support is broken, it could further decline to $107,000.

However, market conditions change rapidly, and investors should closely monitor market dynamics and adjust their strategies in a timely manner. At the same time, attention should also be paid to risk management, setting reasonable stop-loss levels to cope with potential market fluctuations.