The cryptocurrency market has recently exhibited astonishing volatility, especially the movements of Bit, which have caught investors off guard. In yesterday's early trading session, Bit made a strong push to around $1223, but then faced a continuous decline, plummeting to around $1180 in the early hours. This severe price fluctuation undoubtedly poses significant challenges for traders, as a slight misstep could lead to falling into a mire of losses.

The current market situation has changed significantly, shifting from strong to weak in the short term. From the 4-hour chart, the continuous sharp decline has brought the price close to the middle track support level. Due to insufficient rebound strength, the downward trend seems to be strengthening. At the same time, various technical indicators are also showing bearish signals, which further increases the market's bearish sentiment.

For day traders, it is recommended to closely monitor potential shorting opportunities in the range of $119,000 to $119,500. If bearish forces continue to dominate, prices may further dip to the range of $117,500 to $116,000. However, investors should always remain vigilant, as the rapid changes in the cryptocurrency market can bring unexpected turns.

In this highly uncertain market environment, risk management is particularly important. Traders need to carefully set stop-loss levels and pay close attention to market trends in order to adjust their strategies in a timely manner. At the same time, they should also be aware of macroeconomic factors and industry news that could affect market sentiment, as these factors often trigger significant volatility in encryption prices.

Overall, the current market seems to be at a critical turning point. Although it shows weakness in the short term, the long-term development prospects of the encryption currency market are still worth paying attention to. Investors should seize short-term trading opportunities while maintaining insight into long-term trends.