Recently, Bitcoin has shown a pullback trend after hitting a new high. From a technical perspective, the middle band of the Bollinger Bands on the daily chart has been broken, which may indicate the opening of downwards space. The MACD indicator on the 4-hour chart continues to show a death cross state, while the RSI indicator has dropped to around 45, indicating that the bearish strength is gaining dominance.

Currently, the short-term support level has moved down to around $112,500. If this level is breached, it may trigger further selling, pushing the price closer to the $110,000 area. The resistance levels above are located near $117,000 and $119,000.

For bullish traders, attention can be paid to the range of 113000-112500 USD. If the price falls back to this range, a small position can be considered for a long entry, with a target price set at 114500-115000 USD, while placing a stop-loss at 112000 USD to mitigate risk.

On the other hand, short sellers can pay attention to the range of $117,000 to $116,500. If the price rebounds to that area, they may consider shorting, with a target price of $114,000 to $113,500 and a stop-loss set at $117,500.

It is worth noting that the cryptocurrency market is highly volatile, and investors should operate cautiously and strictly control risks. At the same time, closely monitor market dynamics and related news, as these factors may significantly impact short-term price trends. Before making any trading decisions, it is advisable to combine various analytical methods and develop an appropriate trading strategy based on individual risk tolerance.