1. Market Overview According to the latest candlestick data, as of now, the market price of BTC is 109994 (corresponding to the latest daily and hourly candlestick closing prices). The market has exhibited a significant volatility range over the past 14 days, with a high price of 116400 (the highest in 14 days) and a low of 106103 (the lowest in 14 days), with a range fluctuation of over 10%. In terms of trading volume, recent daily trading volumes range from several thousand to tens of thousands of BTC, with the highest single-day trading volume reaching 39212.7 (occurring during a significant drop), while the hourly candlestick trading volume in the last 24 hours has remained relatively stable. Overall, the market has entered a phase of consolidation, with both long and short forces engaged in a fierce game. Regarding market sentiment, based on analysts' views and news information, investor sentiment is cautious, with some views showing warning signals for short-term risks. Specific analysts bluntly state, "Short-term positions should mainly focus on building short orders after a rebound," coupled with, "It is suggested to focus on short-term trading, and the holding period should not be too long," indicating that the current market generally leans towards defense, being wary of sudden price movements. 2. Technical Analysis From the observation of the recent 14-day daily candlestick data, BTC has been continuously falling from the high of 116400, with days alternating between gains and losses. In the past 5 days, the market's focus has gradually shifted downward, especially after retreating from the high of 112898, the low has refreshed to around 109895, with the rebound amplitude significantly restricted. In the 48-hour hourly candlestick, the price has oscillated back and forth between 109608 and 110341, but has failed to effectively hold above 110300. The key support level is composed of the candlestick's lowest point of 106103 and recent lows of 109395/109895. The upper resistance mainly lies in the range of 110564, 110800, and the higher area of 112000. There are no signs of explosive trading volume in the short term, and the trading momentum is weak. If the support level is broken, it may trigger a new round of dips. The resistance points where the rebound encounters obstacles—110300, 110800, and 112100—also need to be closely monitored. 3. News and Policy Interpretation According to the latest news, this week, the NFT market's transaction volume has significantly declined, dropping by about 30%, but the number of buyers is still increasing, indicating that the overall trading environment for digital assets is in a turbulent adjustment phase. Another piece of news points out that Mara Holdings has initiated a lawsuit against regulatory measures, indicating that uncertainty on the policy front continues to plague the industry, posing certain unfavorable conditions for the BTC mining sector in the short term. Comments from Sigma Capital's CEO indicate that the next bear market may see a drop of up to 70%. Although such remarks are somewhat provocative, combined with the recent price's continuous pullback, investor risk aversion may be further amplified. Additionally, policy information shows that there have been no new major policies introduced in the past 24 hours, the past week, or the past month, and the short-term policy landscape remains cautious. 4. Analysts' Views Consolidating the provided analyst comments: - "#BTC Entry: 112500 (initial) - 113500 (add), Take Profit: 111200-109300-107800, Stop Loss: 114600." - "#BTC Normal oscillation within the channel." - "BTC Direction: Long Position: around 109500, Stop Loss: around 108900, Take Profit: 110300-111400-112100, entry is flexible, no need to pinpoint exact timing." - "It is suggested to focus on short-term trading, waiting for clear signals such as critical intervals and significant increases in volume before adjusting overall trading strategies, currently still primarily focusing on building short orders after encountering resistance during rebounds." It can be seen that current views tend to be cautious and bearish, favoring flexible buying low and selling high within the range. Multiple viewpoints explicitly set take profit levels between 110300 and 112100, aligning with the actual rebound resistance areas. At the same time, several mentions of stop-loss settings below 108900-109300 correspond to the key support levels where the aforementioned candlesticks have retreated. These opinions are highly consistent with the actual market performance. If the market effectively breaks below the aforementioned support, it is necessary to quickly control risk, in line with analysts' advice of "strict stop loss/not advisable to hold heavy positions." 5. Future Trend Predictions and Operational Suggestions Based on candlestick data, BTC has been continuously declining for several days, with the lowest reaching 109395 and 109895, repeatedly testing support. The rebound highs have failed to hold in the range of 110300-110800. If the short-term continues to lose 109895 or even 109395, the market may dip to the 107800 area, necessitating close attention to this round's low point of 106103. If there is a significant volume breakout downwards, strict risk control is required. If a short-term rebound occurs, focus on 110300 and 110800 as the first resistance intervals. Only after breaking through can there be hopes to retest 112100 and 112898. It is recommended that investors refer to the key points set by analysts, employing a short-term strategy of "entering in batches, strict stop loss, quick in and out." Long positions are suggested to be flexibly entered in the range of 109500-109800, with stop loss set below 108900; if the rebound fails to break through the 110300-110800 range, it is advisable to gradually reduce positions at high levels. 6. Risk Warning Currently, BTC has shown a significant increase in volatility over the past ten days, with the maximum daily fluctuation reaching several thousand points. Before a significant increase in trading volume is observed, the price frequently tests support, indicating the risk of further declines in the market. If support levels are breached one after another, the risk of a big dump must be taken seriously. Additionally, uncertainty on the policy front and the shrinkage of related markets such as NFTs may lead to emotional fluctuations that could cause severe intra-day oscillations. Investors are advised to strictly implement stop-loss discipline based on actual support and resistance points to prevent capital losses due to pullbacks. Summary: In the short term, BTC is oscillating bearish, with key support points to monitor at 109300, 108900, and 107800. If these levels are breached, caution is necessary. The upper rebound resistance is concentrated in the range of 110300-110800. Trading should primarily focus on short-term strategies with strict stop losses to guard against sudden price risks.