In the early hours of today, the Bitcoin market displayed a complex trend. On the four-hour chart, we can observe a clear W pattern, but the pressure above still exists, leading to a continuous bearish line downward trend in the short term.

From a short-term perspective, the moving averages show a downward trend, with the market shifting from strong to weak. The KDJ three lines, after a period of consolidation, have begun to turn downwards, indicating that bearish forces are gaining dominance. Analyzing the daily chart, we can see that under the influence of overhead pressure, the space for upward movement has become quite limited.

Based on the current market situation, I believe that if the Bitcoin price cannot break through the $118,000 mark, it is likely to trigger a sharp decline. In this case, we need to closely monitor the following key price levels:

1. Rebound range: A brief rebound may occur around 117900-117400 US dollars.
2. Support below: $115,500-$115,000 is an important support level.
3. Further decline: If the support level is broken, we may see a deeper pullback.

It is worth noting that although the market is showing a downward trend in the short term, investors need to remain calm, closely monitor market changes, and manage risks reasonably. At the same time, we should not overlook the potential impact of macroeconomic factors and regulatory policies on the cryptocurrency market. In this highly uncertain market environment, it is crucial to maintain a rational and cautious investment attitude.