Recently, the Bitcoin market has shown a significant downtrend. From the 1-hour Candlestick Chart, it can be seen that short positions are dominating the market trend. Continuous Bearish lines have broken through important support levels, with the price closely touching the lower band of the Bollinger Bands, and there is a trend of further dip.

It is worth noting that during the decline, the trading volume has not significantly decreased, indicating that the selling pressure is still being released. At the same time, the rapid pullback after the price surge and the dense bearish line patterns reflect that the bullish strength is currently weak, making it difficult to effectively support the price.

If it is unable to regain the support level near $118,500 in the future, and effectively breaks below the lower band of the Bollinger Bands, then Bitcoin is very likely to continue its downward trend.

For Bitcoin, investors can pay attention to short opportunities around $118,800, with a target price looking towards below $117,500. In terms of Ethereum, one can look for short opportunities near $3,880, with a target price aiming below $3,800.

However, investors should keep in mind that the cryptocurrency market is highly volatile and carries significant risks. Before making any investment decisions, it is essential to conduct thorough research and risk assessment. Additionally, it is important to closely monitor market changes and adjust strategies accordingly.