The technical aspect of Bitcoin is still bearish. On the daily chart, the BTC price has fallen below the middle band of the Bollinger Bands and is moving towards the lower band. The lower band is slightly widening, indicating an increase in downward momentum. The daily MACD has formed a death cross and is expanding, with the DIF line touching the zero axis, indicating a strengthening of the short positions trend.

On the 4-hour level, after breaking below the lower band of the Bollinger Bands, there was a rebound on decreased volume, but both the upper and lower bands of the Bollinger Bands are expanding downwards. The MACD is in a death cross below the zero line but is narrowing (not a golden cross), indicating a potential oversold rebound in the short term, but the strength of the rebound is limited.

BTC is likely to oscillate in a bearish manner in the range of $111,000–$114,500 in the short term. If it falls below $111,000, it may quickly test $108,000 and $105,000; the resistance levels for rebounds above are $114,500 and $117,500.