Recently, the price of Bitcoin has shown a significant decline, falling below 117,000 and entering a consolidation phase. From a technical perspective, the weekly trend of Bitcoin has quietly changed, and the continuous bearish lines on the daily chart have released clear bearish signals.

The magnitude of this adjustment has exceeded half of the previous increase, which is worthy of investors' high attention. More alarmingly, the MACD indicator has formed a death cross and shows a trend of shifting into the bearish zone. These technical indicators all suggest that there may be further downward pressure in the short term.

From the current market situation, the range of 117,700 to 118,000 may become a key resistance level. If it cannot effectively break through this range, the support target range below may be between 117,000 and 116,000.

Investors need to remain cautious during operations and closely monitor market changes. At the same time, it is important to note that the cryptocurrency market is highly volatile and carries significant risks. One should avoid blindly chasing highs and selling lows, and instead allocate assets reasonably based on their own risk tolerance.