Currently, the technical aspect of Bitcoin shows that the moving averages are arranged from top to bottom, which clearly indicates that the overall direction is still heading downwards. Even if there are minor fluctuations, they are merely temporary adjustments within the trend and do not signal a reversal to the upside. Looking at the trading situation, it has been particularly quiet lately, with very little money being traded daily, indicating that most funds are just watching from the sidelines and have not dared to take action. The bulls do not have enough strength to pull the price up; even if there is a slight rise, it quickly falls back down because there are no buyers to follow through, making it impossible to sustain an increase.

Currently, the price of 115200 is a key resistance point. On one hand, this level used to be a support level during previous fluctuations, but now it has turned into resistance; on the other hand, it coincides with several short-term moving averages converging at this point. Whether it can break through this price will directly determine the short-term trend. Moving forward, attention should be focused on: if Bitcoin approaches 115200 and the trading volume does not increase, but only rises in price, there is a high probability it will be blocked and drop again; if it attempts several times without success, and even starts to fall towards the lower end of the current fluctuation range (approximately between 113000 and 112000, specifics depend on real-time charts), once the support at the bottom cannot hold, the trend of moving averages being arranged downwards will become more apparent. Coupled with the already quiet trading situation and everyone watching, the likelihood of continuing to move downwards will increase significantly, and the bearish trend will persist.

For midnight operations, short directly at 114800-115100, targeting 114000.