Bitcoin is now stuck in the 'box' of 114,000–117,000, unable to move up or down, with trading volume decreasing day by day—a typical 'weak' market;
Above 117,500 is a hard ceiling, several attempts to break through last night failed to hold, leaving long upper shadows, indicating that the price is being pushed down as soon as it rises, short-term bears can treat it as the 'ceiling';
Below 114,300 is the 'lifeline' that has been held in the last two instances. If this rope breaks, we will directly look at 113,000–112,000, where there is decent buying support;
All moving averages are pointing down, the MACD has just crossed below the waterline, and the lower Bollinger Band is still falling—these three indicators are singing bearish together, with bears in control!
In summary: a long period of sideways movement will inevitably lead to a decline, bears are waiting for the 'last shudder', shorts can enter above 116,500, with targets at 113,400, 112,000, and 110,000! $BTC
