Under the current overall structure of Bitcoin, the intensity of short-term bearish sentiment is confirmed from multiple aspects: the rebound is weak, yesterday's decline has not been effectively recovered, and the bulls have no power to counterattack, making the weak pattern very obvious; at the same time, the bears continue to exert pressure, with the upper resistance level continuously decreasing as the high points shift downwards, and the continuous decline in the early morning further opens up downside space, with bearish momentum being fully released, and the bearish dominance becoming increasingly clear.

From the 4-hour cycle, the price continues to oscillate at a low level and shows no signs of stabilization. The moving average system is in a bearish arrangement, with every rebound encountering resistance and falling back, showing significant overall bearish characteristics; the 1-hour cycle also continues to show weakness, with the K-line predominantly being bearish, the rebound amplitude is limited and quickly suppressed by bears, and short-term momentum is completely biased towards the bears. In this situation, both the 4-hour and 1-hour levels show no signs of a trend reversal, maintaining a consistent overall bearish pattern. Therefore, the operation should be to short in line with the trend.

The morning trading idea is to short directly at 113500-114000, aiming for a target of 112000.