Recently, the price of Bitcoin has been hovering around 116,305 before starting to show a downward trend. From a short-term perspective, the market exhibits a clear short positions dominant pattern, and the price has fallen below the previous range's bottom. In terms of technical indicators, MACD and others indicate that short positions momentum is gradually strengthening, which further corroborates the current downtrend.

From the K-line pattern perspective, the daily chart has shown a dark cloud cover pattern, which usually indicates that the market may turn downward. It is worth noting that the market has recently fallen below the lower edge of the consolidation range, and investors should closely monitor whether a head and shoulders pattern will form.

The BBI technical indicator shows that prices continue to be in a downward trend and have already fallen below the key support level, further confirming the situation where short positions dominate the market. In terms of the MACD indicator, the histogram continues to expand, and the DIF and DEA lines are expanding downwards, indicating that the market's downward momentum is strengthening, and no obvious rebound signals have emerged yet.

The moving average system shows that the short-term moving averages (MA7, MA15) and the medium-term moving average (MA30) have formed a death cross, and both short-term and long-term moving averages are showing short positions, which also confirms the current downward trend from another perspective.

However, it is worth noting that the ADX technical indicator shows that the current trend strength is insufficient, which means that the long and short positions are still in a relatively oscillating state. Therefore, although the overall direction is biased towards short positions, the market may still experience short-term fluctuations.

For trading strategies, considering the current market situation, short-term operations can adopt a strategy mainly focused on short positions. Investors can pay attention to the key resistance level around 116,305, and consider placing short orders when the price approaches this level, while setting stop-loss orders above the resistance level to control risk.

Additionally, it is important to closely monitor the support level around 111,754. If the price falls below this level, it may further test lower support areas. Conversely, if there are signs of stabilization near this support level, short-term rebound trades can be considered. However, given the current overall trend, it is not advisable to position long too early.

Overall, the current Bitcoin market shows a clear downtrend, and investors need to remain cautious when formulating trading strategies, closely monitor changes at key price levels, and adjust their strategies in a timely manner based on market changes.