Bitcoin's price experienced significant volatility on Thursday, reaching record highs near $103,900 before dropping to $91,100 and closing at around $97,000. This large trading range, along with the formation of a "high wave candle" pattern, suggests confusion in the market and a potential shift away from bullish momentum. The bearish divergence of the relative strength index further supports the idea of a temporary bearish trend or consolidation. Analysts caution against chasing the market at this moment and note concerns about overcrowding in long positions. The direction of the market will depend on whether it breaks below the current range or resumes the bullish trend. The shift in options trading also indicates a tempering of bullish sentiment.



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