Bitcoin rebounded near the resistance level of 116,000 but encountered obstacles and pulled back to the medium-term trend line.
Moreover, compared to the selling volume during the previous decline, the rebound volume in the past two days has been relatively small, and buying pressure remains weak.
Currently, it seems that the adjustment wave of Bitcoin has not yet completed, and it may continue to fluctuate and decline. The short-term target remains near the 80-day moving average of 108,000.