I. Market Overview The current BTC market price is 112,753 (this value is derived from the closing price of the most recent K-line). The K-line data for the past 14 days shows that the price has retreated from the highest point of 116,400 to a low of 109,746, presenting an overall pattern of narrow fluctuations followed by a weak consolidation. Recently, trading volume has fluctuated significantly, with the highest daily trading volume reaching 23,586.8, indicating high market activity; however, the trading volume over the last three days has significantly reduced, with only 87.56 on the latest day, showing a substantial decline in short-term trading enthusiasm. From the perspective of the 48-hour hourly K-line, BTC has experienced a rapid retreat from above 115,600 to around 112,700 in the past two days, with fierce competition between bulls and bears, increased short-term volatility, and hourly trading volume generally stable, but without significant signs of a volume surge. According to existing analyst views, market bullish confidence is being challenged. "The total long position in Bitcoin has been cashed out by 70%, which can be said to be very precise when predicted one day in advance. Moving to a breakeven point, with zero risk." This indicates that some market bulls have chosen to reduce their positions and wait and see, with reduced risk appetite. At the same time, analysts mentioned, "BTC bottom futures gap support: 111,111 ± 200 points," providing important short-term support reference for the market. Additionally, "BTC shorts at 114,800-115,300 with a stop-loss; reduce positions near 116,300" suggests that the key short-term resistance zone is in the 114,800-115,300 area. Overall sentiment shows a decline in bullish confidence, an increase in bearish sentiment, and a heavier atmosphere of market observation. II. Technical Analysis According to the K-line data for the past 14 days, BTC reached a recent high of 116,400 and a low of 109,746, during which there was a significant retreat followed by a rebound in a fluctuating pattern. The upper pressure zone is concentrated in the 114,800-115,300 range, which is a dense area that previous K-lines have repeatedly failed to breach, while the important lower support level is 111,111 ± 200 points, consistent with the support given by analysts, and previous actual lows have repeatedly stabilized in the 111,005-111,646 area. From a shorter cycle perspective, the 48-hour hourly K-line shows a significant high-level retreat, with the price rapidly falling from the 115,600 line to below 112,700, forming a space retreat of over 1,000 points. Hourly trading volume remains in the 200-1,100 range, indicating frequent alternation between bulls and bears, with few cases of significantly increased long K-lines, and no extreme trend-breaking volume has been observed. From a trend perspective, BTC is moving down from the high point of 116,400, and a new reversal signal has not yet been formed in the short term. Currently, it is in a weak consolidation phase, with downward momentum not fully released, and the 111,000-112,000 range will become an important short-term battleground for bulls and bears. III. News and Policy Interpretation In terms of news, the latest information has little direct correlation with BTC. For example, Coinbase announced the delisting of some trading pairs, which did not involve BTC spot and mainstream trading pairs, thereby having limited impact on BTC liquidity and sentiment. Additionally, the news about the closure of Bitcoin's summer treasury has not caused any fluctuations in the spot price. On the policy front, there have been no relevant policy updates in the past 24 hours, the past week, or the past month, and the market has not been catalyzed by new policies. Combined with the K-line data, the recent price decline of BTC over the past two days is more attributed to changes in market sentiment, and news and policies have not become the main driving factors. IV. Analyst Views In summary, according to analysts: "The total long position in BTC has been cashed out by 70%, which can be said to be very precise when predicted one day in advance. Moving to a breakeven point, with zero risk." This indicates that short-term bulls are choosing to cash out for safety, with a low risk appetite. Another analyst's perspective suggests, "BTC bottom futures gap support: 111,111 ± 200 points," which coincides with the current 14-day K-line lower defensive position. There are also opinions mentioning, "BTC shorts at 114,800-115,300 with a stop-loss; reduce positions near 116,300," which practically overlaps with the hourly line's multiple resistance zones. Overall, analysts' views are relatively cautious, with the lower support matching well with actual K-line lows, and the upper resistance reference area also aligning closely with historical highs, indicating a high degree of consistency between views and market data. V. Future Trend Forecast and Operational Suggestions Based on the movements of the 14-day and recent hourly K-lines, BTC's short-term trend is weak and there is still a possibility of testing the support range of 111,000-111,400. If this range is lost, further testing down to 109,700-110,000 cannot be ruled out; if this area receives effective support, a phase-based rebound may occur, initially targeting 114,000, with further attention to 114,800-115,300 pressure. As for operational suggestions, it is not recommended to chase highs in the short term, and it is advisable to maintain a wait-and-see approach above 112,000. If the price approaches the 111,100-111,400 range and trading volume increases, a light position may be attempted for a rebound. The upper 114,800-115,300 is an important short-term pressure zone, and holding rebound positions can be reduced or take profit set in this area. At the same time, precautions against downside risks should be taken; if the 111,000 defense line is lost, timely stop-losses should be executed to hedge against risks. VI. Risk Warning The current BTC market volatility has intensified, with a significant retreat of over 2,000 points from the high position within the last 48 hours, and no clear stop-loss signal has been observed from a technical perspective. Continuous reduction in trading volume also indicates a decrease in market activity and increased trading difficulty. If the key support zone of 111,100-111,400 is effectively breached, it may trigger further negative feedback, expanding the price correction space. It is recommended to strictly control positions, be aware of the loss risks from rapid market fluctuations, and avoid emotional trading. Always be vigilant against abnormal fluctuations and false rebounds, and dynamically adjust strategies according to the actual support and pressure levels of the K-line.