Bitcoin has been oscillating around 118,000 for many days. Currently, this position is still a critical point for long positions. There hasn't been much change in the four-hour trend; the price is currently under pressure at the middle band of the Bollinger Bands. On the hourly level, the trend is currently showing a downward triangle pattern, with the highs continuously moving lower. If it cannot stabilize above 119,000 during the day, it is advisable to maintain a bearish outlook.

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