The pancake is currently maintaining a top sideways consolidation pattern in the 4-hour cycle, while the 1-2 hour short cycle is also trapped in a narrow range of fluctuations. The market's trading activity has significantly decreased, and there are signs of liquidity contraction.

From a technical perspective, attention should be focused on the upper resistance level of the range at $104,365 and the lower support level at $102,300: if the price holds above the lower support, a technical rebound is expected in the short term, with the upper resistance level to watch being the previous high of $104,365; if this level is broken, one can further look towards the key resistance levels of $105,395, $106,400, and $107,255.
If the price of Bitcoin effectively breaks below the support level of the horizontal range at 102,300 USD today, it will trigger a weakening of the short-term trend, and it is very likely to lead to a correction in the 4-hour level.
From a technical perspective, once a breakout occurs, the key support levels to watch below are $100,100, $99,000, and $97,700. These critical points may become important buffer zones for bears during their downward movement. It is advisable to closely monitor changes in trading volume and price patterns, and be alert to the risks brought by a weakening trend. In terms of operations, it is essential to establish stop-loss protection.