The current Bitcoin market is showing a wide range of fluctuations, with the $116,000 position still being a relatively solid support point. From the daily chart perspective, the continuous downtrend has caused the price to fall below the middle band, and various technical indicators are also showing a short positions trend. What investors should follow is that the Bollinger Bands are beginning to converge, which usually indicates that the market may soon experience significant fluctuations.

In this case, it is recommended that investors temporarily do not expect a one-sided market trend, but should treat the market as a range-bound fluctuation. It may be wiser to maintain a cautious wait-and-see attitude before breaking through key support or resistance levels.

For Bitcoin, $118,500 is the current important resistance level, while it is necessary to follow whether the support at $116,000 can hold. This price range may become the focus of market contention in the short term.

It is worth mentioning that Ethereum is celebrating its tenth anniversary, and this milestone event may have a certain impact on the entire cryptocurrency market. In addition to paying attention to the technical indicators, investors should also closely follow the trends in industry developments and the changes in fundamentals to make more comprehensive investment decisions.