This afternoon, the Bitcoin market showed a clear downward trend. From a short-term perspective, the price movement exhibits a clear five-wave falling structure, with the fifth wave still ongoing. Market participants should closely follow, as the current downward trend will only truly end when the price breaks through the previous swing trading high.

Looking ahead, we expect that after the current fall phase ends, the market is likely to experience three waves of rebound. Investors should focus on the sustainability of the rebound today. After the rebound, the market may enter a period of consolidation. Once the consolidation ends, we have reason to believe that there will be further opportunities for upward movement.

In terms of key price levels, $114,600 is an important observation point. If Bitcoin can firmly hold above this level, it may open up greater upward potential.

Based on the current market rhythm, the trading strategy is suggested as follows: consider establishing short positions in the range of 114600 to 114200 dollars, with a target price set in the range of 113000 to 112500 dollars. At the same time, investors who already hold long positions need to clarify their holding logic, closely follow market changes, and carefully protect the profits they have gained.

Regardless of the strategy adopted, special attention must be paid to risk management. Properly controlling position size and setting appropriate stop-loss and take-profit points are key measures to ensure trading safety. In the highly volatile cryptocurrency market, it is crucial to remain vigilant and flexible.