Bitcoin (BTC) is currently showing a downward trend in the market, with the 4-hour chart indicating that the price has fallen below the middle band and is approaching an important support level below.

From a technical perspective, BTC has fallen to around 113262 USD after retreating from the high of 124545 USD, just a step away from the lower band support level of 112391 USD. In the short term, market sentiment is cautious, and bearish forces still dominate.

The MACD indicator shows that the green bars continue to expand, with the DIF and DEA lines diverging downward, indicating that the downward momentum is still continuing, and there are no obvious stabilization signals in the short term.

In terms of the BIAS (Bias Rate) indicator, BIAS6, 12, and 24 are all in the negative range, reflecting that the price is deviating below the moving average, indicating weak market sentiment. In this case, although there is a possibility of a rebound from an oversold condition, the strength of the rebound may be limited.

Bollinger Band analysis shows that the lower band at 112391 USD constitutes the most critical support level at present. If this level is breached, BTC may further dip into the range of 111000-110500 USD. The resistance level above mainly concentrates around the middle band at 115800 USD, and breaking this level will face the next resistance at 118000 USD.

From a macroeconomic perspective, global financial markets are facing pressures of tightening liquidity, and the direction of the Federal Reserve's monetary policy has also increased uncertainty in the market. These factors have led to an overall cautious sentiment in the cryptocurrency market, with reduced capital inflows and a lack of strong rebound momentum.

For traders, the short-term focus is on the support situation in the $112,500-$112,000 area. If the price stabilizes in this range, it may be worth considering a light position to take advantage of rebound opportunities, targeting $114,800-$115,800. However, if the price cannot break through the middle band resistance at $115,800, the market may continue to maintain a bearish sideways pattern.

It is worth noting that if the support level of $112,000 is effectively broken, BTC may further decline to the range of $110,500-$109,800. In the current situation of high market uncertainty, investors should remain vigilant, manage risks well, and closely monitor market changes.