The Bitcoin market has recently exhibited strong fluctuation characteristics. In the early hours of yesterday, after the BTC price hit a low of $115,929, it rebounded but encountered resistance around $116,938 this morning, then fell back. This fluctuation pattern highlights the current uncertainty in the market.

From a technical analysis perspective, the four-hour chart shows that although there have been two consecutive bullish candles, the price has encountered resistance at the middle band of the Bollinger Bands. This suggests that the bullish rebound momentum may have temporarily exhausted. If this key level cannot be effectively broken, it may be difficult for the market to reverse the current weak pattern.

Further observing the hourly trend, we can see that after the Rebound, two consecutive bearish candles appeared. At the same time, the KDJ indicator formed a death cross at a high level, and the RSI indicator also shows a downward turning trend. These signals indicate that bearish forces are strengthening.

In summary of the above analysis, investors need to maintain a cautious attitude in the short term. It is recommended to pay attention to the potential resistance level in the range of $116,800 to $117,200. If the price encounters resistance and falls back in this range, the next important support range may be between $115,500 and $114,800.

Although the market may face downward pressure in the short term, investors should not overlook potential pump opportunities. Closely monitoring market trends and adjusting strategies in a timely manner will be a wise move to cope with the current complex market environment. At the same time, attention should also be paid to changes in the global macroeconomic situation and regulatory policies, as these factors could have a significant impact on Bitcoin prices.