Recently, the price movement of Bitcoin has shown a fluctuating downward trend. From the four-hour chart, after a brief rebound, the price of Bitcoin encountered resistance at the middle band, with significant pressure above, and overall it is still in a downward channel. Currently, there are no clear rise signals, and the hourly trend is dominated by short positions.

Although the price is experiencing fluctuations within a certain range, this kind of volatility is more about slowing down the speed of decline rather than a true reversal signal. Investors need to closely monitor the performance of the middle band area and whether new market signals will appear, as this will help in judging the future market trend.

In summary, the current Bitcoin price is still under pressure from the middle band, and the downward trend has not fundamentally changed. In a market pattern dominated by short positions, the short-term consolidation is more likely aimed at alleviating the oversold condition caused by the rapid decline, rather than the beginning of a trend reversal.

In terms of the specific price range, Bitcoin is currently fluctuating around $116,800 to $117,300. Investors should be cautious of the resistance level near $117,800; if this level is breached, it could lead to a short-term rebound. The support level below is in the range of $115,800 to $114,800, which may become the focus of a new round of contention between bulls and bears.

In the current market environment, investors should maintain a cautious attitude, closely monitor the breakthrough or support of key price levels, and also pay attention to macroeconomic factors and industry news that may affect market sentiment.