Bitcoin attempted to break upward in the night market but failed to maintain upward momentum. After the price touched the historical resistance level of 112400, it quickly adjusted downward, forming a clear bearish candlestick pattern on the hourly chart, indicating that selling pressure above is quite strong. From the current technical perspective, the short-term upward space is significantly limited, so it is advised that traders shift to a short-term bearish strategy for trading arrangements.

Based on the current market conditions, it may be considered to enter a short position near the price level of 110800, with an expected target range of 109300 to 108300. If the price breaks through this support area, it may further drop to the 107000 level. It is recommended to set a 500-point stop loss to manage risk.
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