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Today, the Bitcoin market is showing a fluctuating downward trend, attracting the attention of investors. From a technical perspective, the mid-term trend is bearish, and it is difficult to reverse the downturn in the short term.
The four-hour time frame shows that although the Bitcoin price has rebounded after a decline, it is currently facing resistance at the middle track, and the overall trend remains downward. The hourly chart also reflects a similar situation, with the price continuously under pressure, insufficient rebound strength, making it difficult to hold a high position.
This oscillating downward trend may continue for some time, as the market seems to need more time to find new support levels. Currently, the Bitcoin price is fluctuating within the range of $116,500 to $117,000. If it breaks below this range, the next important support level may be between $115,100 and $112,500.
Despite the short-term outlook being less than optimistic, Bitcoin, as the leader of the cryptocurrency market, is still worth closely following. Market participants should remain vigilant and closely monitor various technical indicators and market news to timely adjust their investment strategies.
It is worth noting that the cryptocurrency market has always been highly volatile, and investors should conduct a comprehensive risk assessment before making any decisions and develop an investment plan based on their own risk tolerance.