BTC is showing a strong oscillating characteristic on the hourly chart: after previously rebounding and breaking through the 119000 level, although it encountered resistance and pulled back, the pullback was limited and did not form a sustained downward structure. The short positions failed to take the opportunity to expand their gains, while the long positions quickly bounced back. This indicates that the divergence between bulls and bears is intensifying at the current price level, and the bulls still hold the initiative in upward momentum.

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