Recently, the Bitcoin market has shown an unexpected trend. Starting from a high of $118,800, the price began to decline along the upper line of the wedge channel on the 4-hour chart, eventually breaking below the entire wedge structure. The price once touched a low of $112,600, and then rebounded to around $113,800. This trend has raised questions among market participants about the upcoming direction.

From a technical analysis perspective, the current price has started to stabilize and enter a range-bound consolidation phase after breaking below the wedge channel. Investors should closely monitor the price performance near the lower trend line of the wedge, as this will help determine whether this breakout is genuine. If a downtrend is indeed occurring, then after a pullback to the lower trend line, the price may continue to fall. Therefore, rebounds near the trend line will become a key observation point. If the decline continues, the next important support level may be around $110,000.

In this market environment, investors need to remain vigilant and closely monitor price trends and changes in trading volume. At the same time, it is also important to pay attention to macroeconomic factors and industry news, as these can significantly impact Bitcoin prices.

It is worth noting that the high volatility of the cryptocurrency market means that situations can change rapidly. Therefore, it is crucial to continuously update market analysis and adjust strategies in a timely manner. Whether traders or long-term holders, they should formulate corresponding strategies based on their risk tolerance and investment objectives.

Overall, the current Bitcoin market is at a critical technical position. The upcoming price movements will provide us with more clues about the mid-term trend. Investors should remain calm, avoid emotional decisions, and be prepared for various possibilities.