Recently, the Bitcoin market has shown a weak trend. From various technical indicators, Bitcoin is currently facing significant downward pressure.

The moving average system, MACD technical indicator, and KDJ technical indicator, among other technical analysis tools, all show clear bearish signals. At the same time, the changes in price trends and trading volume further confirm this judgment.

Based on the current market situation, investors may consider adopting a cautious strategy. For traders with a higher risk tolerance, shorting opportunities can be sought above $119,200. Meanwhile, investors with a lower risk appetite can position short orders near $120,000.

In the short term, the Bitcoin price may test the support level at $116,300. If this support level is breached, the next key support level may be around $113,000.

However, it is important to remind that the cryptocurrency market has always been highly volatile, and investors should remain vigilant at all times and manage risks well. At the same time, it is also necessary to closely monitor changes in market sentiment and external factors to adjust trading strategies in a timely manner.