After Bitcoin touched the support level of 108500, it started to rebound continuously last night, and the current price hovers around 112000. Analyzing from the 1-hour chart, Bitcoin quickly fell after reaching a historical high, presenting a potential M top formation, which is a typical signal of a top reversal. Additionally, the current price has fallen below all short-term moving averages, showing significant weakness. Furthermore, after the MACD indicator formed a death cross at a high level, the fast line (DIF) accelerated its downward movement, and the green falling momentum bars are continuously lengthening, indicating that the market will continue to adjust in the short term.