After a busy day, let's take a simple look at today's market review.

First, let’s summarize today’s market:

Short-term trend of Bitcoin
Current price $114,490.95 (↑0.54%), but down 3.62% in the last 7 days, in a weak consolidation. The market is dominated by sellers, with obvious selling pressure; retail trading is active but there is little absorption from major players, lacking strong buying power.
Resistance level $118,000-$120,000, if it cannot break through, bears may gain strength; support level $110,000, if it falls below, it may trigger a chain liquidation.
Recent rebound only cleared a small number of short positions, leverage levels are becoming cautious, and market enthusiasm is cooling.
Operation window
Signals for reducing positions and waiting are strengthening: large whales are depositing a large amount of coins to exchanges, distributing high risks; MVRV ratio 2.23, the price may be overvalued.