Recently, the Bitcoin market has seen a significant adjustment, dropping from a high of around 119000 to about 112500, with a total fall of nearly 6500 points. This trend has not only broken through the previous downward consolidation channel but has also made the market sentiment more cautious.

Currently, the Bitcoin price continues to oscillate near the lower boundary of the downward channel, with the 112000 level becoming a key support level. Market focus is concentrated on the rebound watershed near the 116000 level. If this level cannot be broken, the current upward trend may come to an end. Conversely, if it can be successfully broken, the bullish pattern is still expected to continue, maintaining the rhythm of reaching new highs and pulling back to previous high points.

For short-term operations, investors can seek oversold rebound opportunities around the key level of 112000. It is recommended to closely monitor the price performance near 116000, as this will be an important indicator for judging the market direction. The range of 112000 to 112500 may become a key support, while the upper levels of 115300 and 116000 are potential resistance levels.

In the current market environment, investors need to remain vigilant and closely monitor various influencing factors, including but not limited to changes in global economic policies and cryptocurrency regulatory trends, in order to timely adjust their investment strategies. At the same time, attention should also be paid to controlling risks, reasonably allocating assets, and avoiding excessive leverage.