The Bitcoin market has recently shown a fluctuating downward trend. Since the peak of $117,900, the downtrend has not yet ended. Currently, it has only fallen for two weeks at the weekly level, and from a time dimension, it has not yet reached the standard for a reversal signal. Even if a strong short-term rebound may be triggered at the $108,500 position, there is still a high possibility that it will need to break that support a second time, forming a new low.

The upcoming closure of the monthly and quarterly lines will bring new variables to the market. After this point in time, the market may initiate a unified pullback at the weekly, monthly, and quarterly levels. Therefore, the recent surge is more likely to be a technical preparation for the monthly and quarterly closing rather than a fundamental trend reversal. From the weekly and 3-day line levels, the bearish trend has not changed, and investors should remain cautious, considering a short-selling strategy on rallies.

It is important to note that the pressure levels above Bitcoin are at $113,300 and $114,400, while the support levels below are at $109,300 and $108,500. These key price levels may play a significant role in the upcoming trades, and investors should closely monitor the price performance within these ranges.

It is worth noting that the cryptocurrency market is constantly changing. When investors develop trading strategies, they should not only consider technical analysis but also take into account various factors such as macroeconomic conditions and regulatory policies to make a more comprehensive judgment. At the same time, given the high volatility of the market, risk management should always be a primary consideration in investment decisions.