Recently, the price movement of Bitcoin has attracted widespread attention from the market. From a Technical Analysis perspective, Bitcoin is currently at an important decision point.

The uptrend line starting from $74,508 is currently being tested, with support around $112,501. This trend line is crucial for the bulls, and if broken, it could lead to a more complex adjustment pattern.

The decline from the high of $123,218 has formed a potential double triple structure. Although the price has stabilized after the completion of wave Y, the rebound strength is insufficient to break through the key resistance level of $117,436. This resistance level is located near the 0.5 Fibonacci retracement level of the downward range, which can be seen as an important indicator of trend reversal.

If the bulls cannot break through the resistance zone of $117,436, the market is likely to continue showing a weak rebound, and it may even fall back to the $112,501 or lower $107,500 area.

Overall, it can only be confirmed that the current adjustment has ended and a new round of rise may begin when the price re-establishes above $117,436 and forms a clear five-wave ascending structure. In the short term, investors need to closely monitor the market's response to the trend line support and the subsequent rebound strength, as the balance of bullish and bearish forces is still unclear.

This complex market environment requires investors to remain vigilant, closely follow price movement and changes in trading volume in order to timely adjust their investment strategies. Whether bullish or bearish, risk management is particularly important in the current uncertain market.