Observing BTC from the daily chart, the short positions momentum continues to weaken, Trading Volume is gradually shrinking, and the market data has shown a "powerless resistance" trend; in sharp contrast, the longer positions are steadily rising, and the control of the market trend is gradually shifting towards the longer.

Switching to the 4-hour timeframe, after the market surged to around 111500 in the early morning, it briefly pulled back to the middle support level and then quickly rebounded to the 110000 mark. This rapid rebound clearly confirms that the 109500 level has extremely strong support, becoming a safety cushion for the current market.

It is important to note that there will be a lot of news this evening, including policy announcements and data releases, which may lead to fluctuations in the market. Be sure to be cautious of the risks of long and short position reversals, and in your trading, stick to the principle of "going with the trend" and avoid counter-trend speculation.

BTC retraced to around 109500 - 110500, targeting 112500 - 114000, and looking to break above 116000.