Bitcoin has recently maintained a volatile stance at high levels, with market focus concentrated on the key range of $112,000 to $113,000. From the 4-hour chart analysis, the trading range of BTC is clearer: the support level is at $110,000, while the resistance level is at $112,700.

On the technical side, the 200-day moving average continues to exert pressure on the price, while the current price of Bitcoin is situated between the 120-day and 200-day moving averages. According to moving average trading theory, prices approaching the moving average often indicate potential trading opportunities. Currently, the KDJ indicator has entered the overbought zone and is showing a downward trend, while a top pattern candlestick has appeared on the 4-hour chart, all of which suggest that there may be adjustment pressure in the short term.

From a smaller time frame perspective, Bitcoin has completed a complete five-wave upward structure and is currently in the fourth wave adjustment and potential fifth wave upward phase. If the last wave of the upward movement lacks volume support and fails to break through the key resistance, this round of bullish trend may temporarily come to a halt and trigger a deeper correction on the daily chart.

For the overall cryptocurrency market, the stability of Bitcoin is crucial for the trends of other digital assets. Market participants generally hope that Bitcoin can maintain its current price level without rushing further upward. As long as Bitcoin can remain stable, other cryptocurrencies (commonly known as "altcoins") may have the potential to usher in independent market movements.

Investors should closely monitor Bitcoin's performance at key price levels while being wary of potential adjustment risks in the short term. Changes in market sentiment and trading volume will be important indicators for assessing the future market direction.