The price of Bitcoin continued its downward trend today, currently trading at $112,676, down 2.89% in the last 24 hours and a cumulative fall of 5.62% over the past 7 days. From a technical perspective, the Relative Strength Index ( RSI ) is in the oversold area at 31.37, suggesting a possible rebound in the short term. However, all Exponential Moving Averages ( EMA ) are still in a downward trend, indicating that short positions still dominate.

In terms of market sentiment, the Fear and Greed Index has dropped to 44, indicating a shift towards panic. In the past 24 hours, approximately $378 million in trading positions have been liquidated, with long positions accounting for the majority. Notably, the 30-day Bitcoin options Delta skew has surged to 12%, reaching a four-month high, reflecting the market's concerns over short-term price volatility.

Currently, the key support levels for Bitcoin are at $112,566 (today's low) and $112,721 (super trend support line). The main resistance levels are at $113,400 and $114,600.

Despite the possibility that Bitcoin may continue to face downward pressure in the short term, the current oversold condition could trigger a technical rebound. In the long run, some institutional analysts remain optimistic about Bitcoin's development prospects. They expect the current bull market cycle to last until 2027, when Bitcoin's price is expected to reach a range of $150,000 to $200,000.

Investors should closely monitor market trends, manage risks appropriately, and make good asset allocations. At the same time, they should also be wary of the market's high volatility and avoid blindly chasing prices up and down. For investors who are optimistic about Bitcoin's long-term development, the current pullback may provide a good entry opportunity.