After Bitcoin soared to $122,000 intraday, it failed to form an effective breakthrough and subsequently began to decline sharply. As of the time of writing, it is reported at $118,900, with a 24-hour drop of 0.88% and a market capitalization of approximately $2.23 trillion. Recently, the price has risen, but trading volume has shrunk, indicating insufficient buying momentum, and caution is advised against potential pullback pressure. The total liquidation amount across the network within 24 hours reached $292 million, with nearly 100,000 investors being liquidated, and the long-short game has intensified.

From the indicator information, the bullish trend on the daily chart remains unchanged, but the super trend indicator has issued a reversal warning, and caution is needed regarding a potential chain sell-off triggered by a drop below $117,000. On the four-hour chart, after breaking through the upper Bollinger Band from yesterday's peak, five consecutive bearish candles have formed. It has now approached the middle band of the Bollinger Bands, with MACD showing a death cross and green bars enlarging, while KDJ has begun to bear down, indicating that there may be a continued downward trend in the short term.

Considering the current situation, the short-term support range below is: Short-term: $117,500 (day trading bull-bear boundary), $118,000 (daily strength and weakness watershed). Mid-term support level: $115,500 (Fibonacci retracement level); if broken, it may trigger a deep pullback to $113,000. Short-term resistance levels above: $120,500 (previous high pressure), $122,000 (psychological level). Breakout potential: If it stabilizes above $122,000, it may accelerate upward to $125,000-$135,000.

Short-term long position operation range suggestion: Stabilize after a pullback to $117,500-$118,000, with MACD green bars shortening and KDJ golden cross, stop loss at $117,000, target $119,500-$120,500.

Short-term short position operation range suggestion: Face pressure after a rebound to $120,500-$121,000, KDJ overbought (>70), stop loss at $121,500, target $119,000-$118,000.

Mid to long-term long position operation range suggestion: Build positions in batches after stabilizing above $118,000, stop loss at $115,500, target $122,000-$125,000.

Mid to long-term short position operation range suggestion: Try short with light positions if it breaks below $117,500, stop loss at $118,500, target $115,000-$113,000.