First, let's look at the daily analysis of Bitcoin.

From a daily perspective, the Bollinger Bands show a contracting pattern, with the corresponding fluctuation range between 123565 and 108927. The middle band is moving upwards, corresponding to a price of 116246. Currently, Bitcoin has broken below the middle band of the Bollinger Bands, indicating a downward trend following a high-level consolidation.
Next, we look at the MA moving average indicator. The 5-day and 10-day MA moving averages have crossed to form a death cross downward, corresponding to prices of 117800 and 118000, respectively. There is a 30-day moving average below providing short-term price support, corresponding to a price of 113389. The strong support point below is the 60-day moving average, corresponding to a price of 109462. The moving average indicators have not completely crossed the medium to long-term moving averages, so the bullish trend has not fully turned into bearish, and the market has not completely emerged.
The MACD's fast and slow lines have crossed to form a death cross and are moving downward, with the opening widening and the bearish volume starting to create market fluctuations and declines. The RSI corresponds to a value between 2 and 16, which is in an oversold phase. This oversold phase may be accompanied by slight rebounds, but there is also a possibility of accelerated declines. Accordingly, if there is an accelerated decline, it could be around 113300.

Conclusion: BTC market
Direction: After a decline, encountering a small bottom, entering a period of consolidation, there will be a slight rebound.
Upper pressure point: 118000
Support levels below: 112800, short-term minor support 114500
Current trend: A slight rebound after a decline, if the rebound does not stabilize above 116300, a further decline will be triggered, testing the upper level of 116800. Due to the large volatility of Bitcoin, everyone should pay attention to position management! In terms of operation, it is recommended to short, as we are currently in a phase of consolidation and correction.