From the 4-hour technical analysis, the price of Bitcoin entered a clear pullback phase after reaching a high of 110600, with bearish forces dominating the market, causing the price to continuously decline to a low of 102614. Subsequently, the price entered a range of 103500-106500, oscillating and forming an alternating Candlestick pattern, indicating that the forces of buyers and sellers are in a relatively balanced state in the short term.

In terms of technical indicators, after the price breaks below the middle band of the Bollinger Bands, the middle band becomes a resistance level, pushing the price to operate in the lower band region. Currently, the price is fluctuating in the middle and lower band area, and the Bollinger Bands show a trend of contracting then expanding, indicating that market volatility may intensify. The MACD indicator remains in a death cross state, but the red energy bars show signs of shrinking and exhibit an upward turn trend, indicating that although the bearish momentum has weakened, the bullish reversal strength is still insufficient, and the upward space is limited. Attention should be paid to the effectiveness of the resistance range between 106000 and 106500.

Overall assessment, although the market shows signs of a short-term rebound, it is still in a bear-dominated pattern. The focus will be on the performance of the 103500 support level; if this level is effectively broken, the bearish trend may continue; conversely, if the price stabilizes and breaks through the middle track, the bulls may have a chance to counterattack.

Strategy suggestion: Bitcoin can be considered for shorting around 106000, with a target range of 103800-103500; Ethereum can be shorted in the 2570-2580 range, with a target area of 2450-2430. Market participants should closely monitor the breakout situation of key support and resistance levels and adjust their trading strategies in a timely manner.