The Bitcoin market is experiencing wide fluctuations today, with prices briefly breaking through the recent consolidation range, reaching a high of $108,249 before pulling back, with daily fluctuations exceeding $1,500. Currently, the Bitcoin price is hovering around the key support level of $107,000, which is not only the upper boundary of the previous range but also coincides with the 38.2% retracement level of this round of rise.

The market has attempted multiple times to break through the 108,000 USD integer level without success, reflecting obvious selling pressure above. The daily chart shows a Doji pattern, and after three consecutive bullish candles, the bullish momentum has significantly weakened. A new pressure zone is forming in the 108,500-109,000 USD range.

From the 4-hour chart, the MACD indicator has shown a top divergence signal, and the price is seeking support at the middle band of the Bollinger Bands at 106,500 USD. Meanwhile, the increase in turnover rate at high levels also suggests that market chips are loosening. The hourly chart shows that after the price fell below 107,500 USD, a descending channel was formed. Although the RSI indicator is in the oversold area, there are no signs of bottom divergence yet, and it may maintain a sideways consolidation trend in the short term.

Investors need to closely monitor the subsequent evolution of the daily doji: if it can hold the support level of 106,500 USD, it may form a continuation pattern; if it falls below this level, caution is required for the possibility of a pullback to the 105,000 USD integer level. Additionally, indicators such as the gains and losses of the 4-hour Bollinger Bands middle band, changes in trading volume, and funding rates in the derivatives market are also worth paying attention to, as these factors will determine whether the market continues to fluctuate upward or enters an adjustment period.

In the current complex and volatile market environment, investors should remain cautious and closely monitor various technical indicators and changes in market sentiment to make informed investment decisions.