Recently, the price of Bitcoin has shown a downward trend, gradually retreating from a high of about $124,000, forming a distinct descending channel. Especially in the past few weeks, the price fluctuations have intensified, demonstrating a volatile downward movement.

From a technical perspective, the short-term moving average is below the long-term moving average, releasing a bearish signal. At the same time, the MACD indicator may be in a death cross state, further confirming the current downward momentum. It is worth noting that during this round of decline, trading volume has increased, indicating that selling pressure is strengthening.

Currently, the Bitcoin price is approaching the $110,000 to $112,000 range, which may form short-term support. If the price falls below $110,000, it may further test lower support levels. Conversely, if a rebound occurs, around $120,000 may become a new resistance level.

Overall, the current market is in a bearish trend. However, investors need to closely monitor the key support level of $110,000. If the price can stabilize at this level, a rebound cannot be ruled out. In this complex market environment, investors should remain cautious and manage their risks properly.

It is worth mentioning that the cryptocurrency market has always been subject to significant fluctuations, influenced by numerous factors. In addition to technical factors, investors should also pay attention to macroeconomic conditions, changes in regulatory policies, and various market sentiment factors to fully grasp market trends.