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Bit continued to rise yesterday, approaching the 120,000 mark, facing resistance around 119,800. After multiple attempts to break through, it pulled back from the afternoon to the early morning, currently priced around 118,000, with weakened upward momentum and a consolidation between bulls and bears.
The Bollinger Bands on the short-term hourly chart are contracting, bullish sentiment is cooling, upward movement is under pressure, and there are pullback signals in the short term.
Short around 118500, target 116000, defend 500 points.