The Bitcoin market presented a complex trend today. In the morning session, the Bitcoin price fiercely contested around the $117,800 mark, but the longer failed to successfully break through this key position. This phenomenon not only reflects the immense selling pressure but also exposes the exhaustion of the long positions. Although the price briefly touched a high, the lack of sustained upward momentum clearly hindered the offensive of the long positions.

As the early morning period arrives, the market sentiment has further turned pessimistic. The support level at $116,800 has also failed to provide the anticipated defense, and there are clear signs of price breakdown. This trend further strengthens the dominance of the bears in the current market, and the imbalance between long and short positions is becoming increasingly apparent.

From the current market game between both parties, the trend of short positions occupying an advantage continues in the short term. Investors may consider selectively laying out short positions when long positions show weakness in their rebound. Specifically, attention can be focused on the range of $117,400 to $117,600, which may become an ideal location for laying out short positions. If the short trend is confirmed, the next important target may be around $116,500.

However, investors should also bear in mind that the cryptocurrency market is volatile, and any trading strategy should be adjusted according to individual risk tolerance and real-time market changes. In addition, closely monitoring changes in market fundamentals and technical indicators is also an important basis for making investment decisions.