The cryptocurrency market has recently entered another period of turbulence. Bitcoin (BTC) experienced strong selling pressure after briefly touching a high of $113,800, showing a clear downward trend.

Market sentiment remains sluggish, and the US stock market further exacerbated this trend after opening, pushing the BTC price down to the key support level of $108,500. Although there was a slight rebound, the overall market pattern still leans towards bearish.

From a technical perspective, multiple indicators are showing bearish signals:

1. The Bollinger Bands are expanding downwards, and the price has failed to effectively rebound after breaking the lower band, indicating that the downward channel remains intact.
2. The MACD indicator shows that bearish momentum continues to strengthen, with the two lines diverging.
3. The KDJ indicator remains in a death cross state, continuing to trend downwards, with no signs of improvement in the short term.

In this market environment, investors should remain cautious. Blindly bottom-fishing may bring unnecessary risks. On the contrary, every price rebound may become an opportunity to validate resistance levels. Investors can closely monitor the rebound strength in the range of $109,500 to $110,500; if resistance is encountered, short positions may be considered.

However, regardless of the strategy adopted, risk control remains the primary consideration. In the current market environment, it is particularly important to manage positions wisely and to set stop-loss points strictly. At the same time, maintaining patience and waiting for the market to provide clear directional signals is also a wise choice.

Overall, before a clear reversal in market trends occurs, going with the trend may be a relatively rational choice. However, each investor should make independent judgments based on their own risk tolerance and investment objectives.