Recently, the Bitcoin market has shown a clear wave-like retracement trend, and the current trend is at the initial stage of the third wave fall. This pattern indicates that the bearish forces have just begun to release, and the future downtrend may continue for some time, with its intensity and persistence worthy of close attention from investors.

From the perspective of support levels, the market has not yet formed a clear strong support area. However, the price around $112,000 holds special significance as it is not only the starting point of the previous upward trend but also a key position for determining whether the overall market trend has changed. As long as Bitcoin can maintain this level without being significantly broken, the current downtrend will remain solid, and the market is unlikely to see a fundamental reversal.

Based on this market judgment, investors should view any rebound market with caution. These rebounds are likely just a manifestation of short sellers adjusting their pace and accumulating strength, rather than a signal of a trend reversal. Therefore, it is more reasonable to maintain a bearish outlook in the short term, and in terms of operational strategy, one could consider utilizing rebound opportunities to position short orders, in line with the current downtrend.

For intraday operations, you can focus on the range of 115300-115800 USD, which may provide better short-selling opportunities. The target price can be initially set around 113000 USD. However, investors must pay attention to risk management, set reasonable stop-loss levels, and keep an eye on market changes to adjust strategies in a timely manner.