Recently, the Bitcoin market has shown a continuous downward trend, with five Bearish lines appearing in the last four hours, accompanied by a significant increase in Trading Volume, indicating that the selling power is dominant. In terms of technical indicators, the MACD has formed a death cross, and the green energy bars continue to extend, reflecting that the short positions' momentum is accelerating. Meanwhile, the longer seems to be struggling to organize an effective counterattack, resulting in significant overall market pressure.

The price encountered resistance and fell back after reaching near the middle band of the Bollinger Bands, with a large amount of sell orders concentrated and released, leading to a rapid price drop. Currently, there are no clear bottom signals, and the market may need to continue to consolidate in the short term to digest the excess selling pressure.

From a technical perspective, Bitcoin may encounter resistance in the range of $119,400 to $120,000. If the breakout fails, the price could retreat to the range of $118,200 to $117,200. If it falls below this range, it could trigger further declines.

It is worth noting that although the market faces adjustment pressure in the short term, the cryptocurrency market still shows strong growth potential in the long run. Investors need to weigh short-term risks against long-term development prospects when formulating trading strategies, and adjust their positions accordingly. At the same time, closely monitoring market changes and timely identifying potential reversal signals is crucial for seizing investment opportunities.