Bitcoin experienced a new round of volatility after a day of turbulent adjustments. The price attempted to push above the 105,000 USD mark but was unable to succeed due to selling pressure from above, subsequently starting a consolidation and pullback, dipping to a low of 103,500 USD in the morning, and currently oscillating around that price level.

From an overall structural perspective, the Bitcoin market is currently in a critical phase of range compression. Affected by the further reduction of interest rate cut expectations, a correction occurred in the morning session. The 4-hour K-line chart shows that the upper Bollinger Band is clearly descending, with strong resistance above; the middle and lower bands are gradually rising, and both bulls and bears are fiercely competing around the price center. The coin price has been running long-term between the middle and upper bands of the Bollinger Bands, with short-term bulls slightly dominant, but the market overall remains in a stalemate. In the 1-hour K-line chart, the oscillating market is more pronounced, with strong resilience shown in both support and resistance levels, as bulls and bears alternately dominate the market. Before the range convergence is completed, it is expected that the Bitcoin price will continue to oscillate within the existing channel until it breaks the balance.