Recently, the Bitcoin (BTC) market has once again experienced significant price fluctuations. After the close of the US stock market, BTC prices showed a clear downward trend. This trend has drawn investors' close attention to key support levels.

Currently, the BTC price is testing the important support level around $110,970. This price level coincides with the 120-day moving average (MA120) on the 4-hour chart. At present, although the price has reached this support level, there has not yet been a valid breakout, and a spinning top pattern has formed.

The importance of this price level cannot be ignored. If the BTC price falls below the MA120, it may indicate that Bitcoin is entering a weak range. In this case, if the macroeconomic environment does not show significant improvement, BTC may face further volatile declines.

However, if BTC can stabilize here and rebound, especially forming a spinning top pattern on the daily chart, we may see a wave of accelerated rebound. This position could become an important turning point for a short-term trend reversal.

For investors and traders, closely monitoring the performance of MA120 on the 4-hour chart is crucial. This will provide important clues for judging the short-term trend of Bitcoin.

In addition to technical analysis, investors also need to pay attention to broader market factors, such as the performance of other major cryptocurrencies like Ethereum (ETH) and Solana (SOL), as well as changes in the wider macroeconomic environment. These factors can all have a significant impact on the price trends of Bitcoin.

In this uncertain market environment, it is particularly important to remain calm and conduct rational analysis. Continuously monitoring market dynamics and implementing effective risk management will be key strategies to cope with market fluctuations.