Bitcoin Market Trend Analysis:

$BTC began to decline significantly after breaking below the important support level around 117000 on the daily chart.

From the 4-hour level, the price is close to the lower middle band of the Bollinger Bands, and the RSI indicator is in the 45-50 range, indicating weak momentum.

Currently, it is in a consolidation phase oscillating between the 115000-116000 range, which is a corrective phase.

The current strong resistance level is near 117000. If it cannot break through 117000, the trend remains bearish, and it is recommended to focus on shorting on rallies;

If it breaks through 117000, it is advised to wait for one day before re-establishing positions.

The strong support area below is at 112000. If this range can be maintained, there is hope for a challenge above the 120000 level in the future.