According to the latest Bitcoin price movement analysis, the current candlestick shows a bearish belt hold with a long lower wick. This pattern indicates that the selling pressure is relatively strong in the short term, but it also shows that there is some buying support at the market bottom.

This technical formation suggests that the price of Bitcoin may continue to test downward in the upcoming trading period. However, it is crucial to closely monitor the performance of the support level below, as strong support may trigger a price rebound.

Currently, the key price range is between 117500 and 117900. If this range can receive effective support, then the Bitcoin price is expected to break upwards and may challenge a target around 120000.

Investors should remain vigilant and closely monitor market trends. In the current volatile market environment, it is essential to guard against the risk of further declines while also seizing possible rebound opportunities. At the same time, it is advisable to combine other technical indicators and fundamental factors to comprehensively assess market movements and make informed investment decisions.