Recently, the Bitcoin market has shown a significant downward trend. Although there have been brief fluctuations, the overall situation remains dominated by short positions. From a technical perspective, bearish lines dominate the candlestick chart, indicating that the downward momentum has not yet been fully released.

Further analysis of various technical indicators, such as KDJ and MACD, currently does not show clear reversal signals, which further confirms that the market is still under the control of short positions. This ongoing downward pressure requires investors to remain highly vigilant.

For short-term price movements, we can focus on the range of 116800 to 117300 as a potential downside target. If this range is broken, the next support level may be between 115800 and 114800.

However, we also need to note that the cryptocurrency market has always been highly volatile, and situations can change rapidly. Investors should closely monitor market dynamics while also considering longer-term market trends and fundamental factors.

In the current market environment, it is advisable for investors to adopt a cautious strategy. Consider reducing trading frequency, observing the changes, and waiting for clearer market signals to emerge. At the same time, effective risk management is crucial, including measures such as setting stop-loss levels and reasonable allocation of funds.

Overall, although the Bitcoin market still faces downward pressure in the short term, the long-term development prospects of cryptocurrencies are still worth paying attention to. Investors need to find a balance between risks and opportunities, and view market fluctuations rationally.