From the market data, Bitcoin's price started from around the 113000 level when the evening news concluded, and in the absence of effective bullish support, it presented a staircase-like downward pattern, ultimately dipping down to the 111000 integer level area. In just a few hours, the cumulative decline approached 2000 points, indicating a significant phase adjustment. From the perspective of market momentum characteristics, this prolonged decline is not a coincidental short-term emotional adjustment, but rather accompanied by the release of sustained and stable bearish momentum.

In terms of technical form, Bitcoin's current trend has shown a distinct "divergent" characteristic, the most representative of which is the change in the opening pattern of the Bollinger Bands indicator. For some time now, Bitcoin's price has been operating between the middle and lower bands of the Bollinger Bands, with the overall Bollinger Bands in a contracted state, indicating that the market has a small divergence between bulls and bears, and a clear consolidation pattern; however, as the evening's downward trend unfolded, the price quickly fell below the support of the middle band of the Bollinger Bands and continued to move toward the lower band. At the same time, the upper and lower bands of the Bollinger Bands began to gradually open and diverge, with the upper band trending downwards and the lower band also trending downwards, further reinforcing the trend. From a technical analysis perspective, the opening divergence of the Bollinger Bands usually indicates a strong continuation of the current trend—when the price is in the downward opening range of the Bollinger Bands, it often suggests that the bearish trend still has room for further extension, making the probability of a trend reversal or significant rebound in the short term relatively low.

Short on Bitcoin at 111300, focus on 109000
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