Yesterday, the price of Bitcoin showed a volatile downward trend, retreating from an intraday high of around 118,400 USD to a low of about 114,650 USD, ultimately closing near 117,600 USD. Currently, the important support level that the market is following is around 116,000 USD. If it falls below this level, it may further dip towards the MA30 moving average line. Investors may consider looking for go long opportunities near this support level.

Looking upward, the MA14 moving average constitutes the current main resistance. If this resistance can be broken, Bitcoin is expected to challenge the psychological level of $120,000. However, as this level approaches, there may also be shorting opportunities. It is worth noting that the MACD indicator shows that bearish strength is increasing.

From the four-hour chart, the MA7 moving average has become a key support level recently. If it falls below this moving average, $115,400 will become the next important observation target. Conversely, if the price can break through the MA90 moving average resistance, it may dip towards $119,150. In this area, investors should also be wary of potential go long opportunities.

Overall, Bitcoin is currently in a critical technical position and may continue to show a fluctuating trend in the short term. Investors should closely follow the performance of key support and resistance levels, adjusting their trading strategies in a timely manner based on price movements. At the same time, it is important to manage risks and set reasonable stop-loss levels.