Recently, the price movement of Bitcoin has shown weakness. Last week's close formed a inverted hammer pattern, while breaking below the previous rise trend line. These technical indicators suggest that there may be further falling pressure in the short term.

Investors should closely monitor the support level performance around $112,000. If this key position is lost, the price may further test the Fibonacci retracement 0.618 level, which is around $106,000.

From the daily chart, Bitcoin's rebound strength is insufficient and has not been able to stand above the trend line again. In terms of technical indicators, MACD has formed a death cross, and both KDJ and RSI indicators are showing a downward trend, indicating that the selling pressure is strong in the short term. However, it is worth noting that the KDJ indicator is currently in the oversold area, so a technical rebound in the short term cannot be ruled out.

On shorter time frames, the 4-hour chart shows that the price has broken below the neckline of the M-top pattern, further confirming the downtrend. Investors can take $112,500 as the first downside target, where a brief pullback confirmation may occur. If the price continues to weaken, it is essential to focus on the support near $106,000, an area that has accumulated a significant amount of trading volume during the previous upward movement, which may provide strong support.

For interested investors, it is recommended to remain patient and closely monitor the changes in the 4-hour chart. If the support around $106,000 holds, consider gradually establishing short-term long positions. However, in the current market environment, risk management is particularly important, and it is advisable to set reasonable stop-loss levels and adjust strategies in a timely manner based on market changes.