The Bitcoin market has experienced the most significant pullback in recent times. Since the Treasury bull run began, BTC has fallen from its historical high of $124,400 to around $117,000, attracting widespread attention from the market.

Although the magnitude of this fall seems large, from a percentage perspective, it is actually not severe enough to be called a 'waterfall' decline. However, it is more noteworthy that the performance of the altcoin market is weak. When Bitcoin rises, altcoins often struggle to follow; while in a downturn, they tend to fall faster and deeper than other currencies.

In terms of short-term trends, Bitcoin may face upward resistance in the range of $118,400 to $119,100. If the breakout fails, the next step may test support levels at $116,700, $115,800, or even $114,300.

This pullback provides investors with an opportunity to reassess the market. Although there may be volatility in the short term, the fundamentals of Bitcoin remain strong in the long run. Investors should closely monitor market trends while also staying rational and not being swayed by short-term fluctuations.