Recently, the price movement of Bitcoin has shown a downward fluctuation trend. After a brief rise near 118848 dollars, the market quickly entered a downward channel. During the US stock trading period, the price of Bitcoin briefly touched a low of 117776 dollars, and although it rebounded to 118823 dollars, it failed to break through the key resistance level and was once again under downward pressure.

From a medium-term trend perspective, Bitcoin is currently in an orderly descending channel. The high points of each rebound are gradually decreasing, reflecting the weakness of bullish forces, and the characteristics of bearish dominance are becoming increasingly apparent. Technical indicators show that the fast and slow lines are about to form a death cross at a low level, resonating with the price movement, further enhancing the market's bearish sentiment.

In the short term, the Bollinger Bands are showing a contraction and closing state, indicating that the market may be entering a brief adjustment phase, with volatility temporarily narrowing. This state usually signals an impending directional breakout, and investors need to remain vigilant.

In a comprehensive analysis of the current market environment, it is recommended that investors adopt a cautious strategy and closely monitor the performance of key support levels. At the same time, it is important to pay attention to macroeconomic factors that could impact the cryptocurrency market, such as U.S. trade policies, as these factors may have a significant influence on market movement.

In this market environment, investors should pay more attention to risk management, set reasonable stop-loss levels, and avoid excessive leverage. At the same time, they should also maintain continuous attention to the market and adjust their investment strategies at any time to respond to potential market changes.