Bitcoin (BTC) Technical Analysis:

After a rebound was blocked by the lower end of the weekend consolidation zone in the early morning, it retreated, indicating significant selling pressure in that area. The daily level has effectively broken below the weekend's low points, continuing the downtrend. Key indicators show: the 7-day moving average is turning downwards, about to form a death cross, with shrinking trading volume during the rebound and significant volume increase during the decline. MACD has formed a death cross downward, and the negative value histogram is beginning to expand. The fast and slow lines remain above the zero axis, maintaining a bullish trend in the medium to long term.

The short-term trend is clearly bearish, with the primary support to watch at $112,000; if lost, it may further test the $105,000-$107,000 range.

The 4-hour level shows that $116,500 resistance is effective, and the current support level to watch is $113,000.

Trading Suggestions: BTC: Continue to hold short positions near $116,500, targeting the $113,000-$112,000 range.