It is quite interesting to observe Bitcoin's recent movement. This morning, a long upper shadow candlestick pattern appeared, forming a small double top around 8.8. The current question is whether it can complete a W bottom near 8.65 and initiate a 1:1 rebound, or if it will continue to bounce back and forth within the 8.8 to 8.65 range.

Honestly, the large options expiration today and the resulting bearish signals may not actually be bearish. The news that everyone can see is often not the real factor that changes the situation—only the market will give the most honest answer.

Yesterday, I opened a short at 8.8 targeting 8.66, and it rebounded after dipping to 8.68, still 200 points away from the target. Such a market movement is a good opportunity to take profits and leave. The area around 8.8 still shows strong resistance, so I have also placed a short position here with a stop-loss at 8.94, targeting around 8.65. Meanwhile, I have a long position at the low of 8.65 with a stop-loss at 8.5, aiming for a return to around 8.8. Let's see how the market chooses its direction next.