1-hour period K-line display shows that BTC experienced panic selling near 114,200, with trading volume surging by 133%. However, the price has dropped, indicating concentrated short-term selling pressure being released. Member indicators show that the KDJ death cross combined with the MACD histogram contraction confirms the strengthening of downward momentum, but the initial signs of a bottom formation suggest that a local bottom may be forming. The current price is below the EMA24 and EMA52 moving averages but close to the key support level of 114,000. If it can stabilize, a rebound may occur. The chip distribution indicates that 118,100 is a strong resistance zone above, with significant pressure. In the short term, attention should be paid to the validity of the support at 114,000.