Bitcoin's major order data over the past 12 hours shows a total sell order volume of $592 million, far exceeding buy orders of $401 million. This resulted in a net outflow of $190 million from major investors, with a buy-sell ratio of 1:1.47. This clearly signals a short sell trend. In particular, concentrated selling pressure from major investors near $122,000 is further suppressing upside potential. Combined with the current 1-hour candlestick chart, the MACD histogram continues to shrink, strengthening downward momentum and resonating with major investors' behavior.

Meanwhile, trading volume has shrunk to 45.99% of the average level, significantly decreasing market activity and highlighting the willingness of major investors to short. Open short positions are shifting their defenses forward to the 112,000 level, with further downward pressure possible. In the US market, we will focus on the continuation of a break below the 120,000 level. ($BTC )