123000 should be the short-term top, the key position is still around 116200. A valid drop below this level should prioritize short positions, and it may head towards a new 2-hour support level.

Currently, the behavior of Bitcoin seems more like a contract loss in both directions, rejecting excessive fantasies, and using logic to defeat the market manipulators. $BTC

Scenario: If it effectively drops below 116200, it is recommended to look for new 2-hour positions to go long, with levels between 111700 and 110700 (already aggressive). After entering, watch for a rebound around 113000 and then assess the sentiment. If sentiment deviates, it will continue to drop; if sentiment is favorable, the market will continue its trend. Whether it can reach a new high remains to be seen. #BTC再创新高

In summary, sentiment has worsened. Fa Ge's approach has always been to adapt promptly. Long and short positions are merely tools for us to make money; don’t have blind faith or think that one should go long just because of a certain belief. Only by timely switching strategies can one become a consistent winner.

Support levels below are at 111700 to 110700.

Resistance levels above are at 123000 to 124000.