Recently, the price movement of Bitcoin has fallen into a range-bound fluctuation, with both bulls and bears locked in a stalemate. Although there have been multiple attempts to break upwards, no effective breakthrough has been achieved, and instead, signs of short-term decline have emerged. From a technical perspective, the Bollinger Bands on the 4-hour chart show a trend of narrowing downwards, with the trading range gradually contracting. Although the price briefly broke the middle band, it failed to sustain an upward movement, followed by a bearish line retreat, indicating a fierce battle between bulls and bears.

Overall, Bitcoin is currently still in a relatively weak state. For short-term traders, it may be more suitable to focus on opportunities for shorting at high positions. Investors are advised to closely monitor the price performance in the range of $111,500 to $112,000. If a valid breakthrough occurs, a new round of market movement may be welcomed; if it fails to break through, it may retreat to the range of $110,500 to $110,000.

However, investors should also be aware that the cryptocurrency market is highly volatile. In addition to technical factors, it is essential to consider various aspects such as macroeconomic conditions and regulatory policies. Before making any trading decisions, it is crucial to conduct a thorough risk assessment and manage funds properly.