The current Bitcoin market is in a critical consolidation phase, a period that often reflects the deep thinking of market participants. Both long positions and short positions are laying out their strategies within this range, with the support level becoming the last bastion for long positions' defense, while the resistance level serves as a solid barrier set by short positions. Generally speaking, the longer the oscillation lasts, the more intense the future breakout may be.

From a technical perspective, the four-hour candlestick chart is gradually showing the early signs of a bottoming pattern, which suggests that the previous downward momentum may be weakening. If we can see consecutive bullish candles next, and the key price levels receive effective support, then this bottoming pattern is likely not a fleeting phenomenon, but rather a signal of long positions gearing up.

For short-term traders, it may be worth considering establishing long positions around the support level of $116,500, with an initial target set at $119,500. If this level can be broken, it may initiate a new round of upward movement.

It is worth noting that external factors such as changes in policy may also impact the market. When making decisions, investors should closely monitor not only technical indicators but also changes in the macroeconomic environment and regulatory trends.

Overall, the current market is at a critical turning point. Both long positions and short positions should remain vigilant and be ready to respond to potential significant fluctuations. In such an uncertain market environment, risk management becomes particularly important.