The Bitcoin market presented a clear "high pullback" characteristic yesterday. In the morning, the price first dipped to 102,400 USD, and then entered a narrow range consolidation phase during the day, with a cautious tug-of-war between bulls and bears. In the afternoon, market sentiment warmed up, and the price surged from around 103,500 USD, successfully breaking through the previous consolidation range and testing the high point of 105,300 USD, but encountered strong selling pressure at this position, and the bullish momentum could not be sustained. In the evening, the market weakened again under the influence of the US stock market, with a significant retracement during the session, dipping to a low of 100,680 USD before rebounding. As of now, it is oscillating around 101,500 USD. From a technical perspective, the 4-hour chart shows that the price is still in a horizontal consolidation phase, with the short-term oscillation range narrowing to 100,000-105,000 USD. Although the rebound space is limited, it remains above the key level of 100,000 USD, indicating that there is certain support strength at this position. After a long period of range contraction and consolidation, market momentum is gradually accumulating, and the probability of a directional breakout in the next couple of days has significantly increased. The 1-hour chart shows that the Bollinger Bands are in a contracted state, with the price oscillating back and forth within the Bollinger Bands range, exhibiting clear short-term oscillation characteristics. Caution is needed in positioning based on the range boundaries.