The Bitcoin market has recently experienced significant fluctuations, with short positions gradually gaining an advantage. The daily chart shows a clear downtrend, and according to the 4-hour chart analysis, the second wave of decline is currently underway. The first wave fell from over 124400 to 107200, followed by a rebound. Now, the second wave of decline has started, and it is expected to at least retrace to around 100000.

Currently, Bitcoin has fallen below the key support level of 114,000, further consolidating the advantage of short positions. From the 1-hour chart perspective, Bitcoin has fallen back into the range established from September 5 to September 10. This indicates that a new 4-hour downtrend is forming, and it is expected to potentially dip to around 100,000, and may even reach 98,000.

In terms of the current trend, we are in the first 1-hour downtrend phase of a 4-hour downtrend. This 1-hour downtrend may not be over yet, and it is expected to possibly retest the range of 110000-111000.

For short-term traders, it is essential to pay special attention to the market's rapid changes. Although the overall trend is bearish, the market may experience short-term rebounds or significant fluctuations. Therefore, it is recommended that investors closely monitor the latest market changes, operate cautiously, and manage risks appropriately.

It is worth noting that if the overall trend develops into 5 segments of decline, the extent of the fall may further expand. In this uncertain market environment, it is crucial to maintain patience and vigilance. Whether holding short positions or considering new entry points, adjustments need to be made based on real-time changes in the market.