Recently, Bitcoin ( BTC ) market has shown a downtrend and may continue to face pressure in the short term. From the hourly level, although the price has rebounded near the lower band of the Bollinger Bands, it failed to break through the middle band resistance, indicating insufficient upward momentum. In terms of technical indicators, the MACD green bars show signs of convergence, but the Trading Volume has not effectively followed up; the KDJ indicator has turned up at a high level, suggesting a possible pullback in the short term.

From the 4-hour level, BTC continues its downward trend, with prices oscillating near the lower band of the Bollinger Bands. After the MACD death cross, it continues to develop downward, indicating that bearish forces are still dominating the market. Although the KDJ indicator has shown some rebound signals in the oversold area, the strength is insufficient to change the current weak pattern.

From a longer-term perspective, BTC is still in a downward channel, and the recent rebound may just be a technical correction. It's worth noting that a death cross has formed at the weekly level, accompanied by a top divergence phenomenon, which may indicate that a greater downside risk is brewing. Therefore, investors need to remain cautious and be aware of the potential misguidance brought by short-term rebounds; the market risks may just be beginning to manifest.

For traders, it may be worth considering shorting opportunities around $109,000 to $109,500, with target prices around $108,000 and $107,000. However, given the high volatility of the cryptocurrency market, investors should exercise caution and implement risk management. At the same time, closely monitor market dynamics and significant news events, as they could have a substantial impact on BTC price movements.