Recently, the daily chart of Bitcoin has shown a three-day consecutive fall, with bearish pressure continuing to be released. Today's market is particularly significant, with prices starting a one-sided pullback from around the 116700 level, dipping to a low of 114300. This wave of deep pullback has dealt a "heavy blow" to the bulls holding positions from earlier, not only pulling back some of the recent gains but also temporarily suppressing market go long sentiment.

It is worth noting that market activity on Monday is significantly higher than on weekends, with intraday fluctuations reaching around 2000 points. After hitting a low of 114300, the market did not continue to dip but quickly rebounded to hover around 114500, indicating that there is certain buying support in that low area, and the bearish momentum has weakened after the pullback. After this round of three consecutive bearish candles, the overall market has once again returned to the previous narrow range of fluctuations. From both a technical and capital perspective, signs of bottoming out have appeared below: on one hand, the area around 114300 overlaps with the lower edge of the previous fluctuation range, and after multiple tests, there has been no effective breakdown, gradually confirming the strength of support; on the other hand, during the price dip, the trading volume did not significantly increase, indicating that the bearish selling pressure has not continued to rise, and market positions in the low area are beginning to stabilize. From the perspective of market sentiment, this pullback is more inclined towards "bullish cleansing"—by quickly dipping, it flushes out the floating positions of those who chased the high earlier and the indecisive long positions, reducing the holding pressure for subsequent market movements. This kind of washing action has not changed the overall operational rhythm; on the contrary, it makes the chip structure within the fluctuation range healthier. We can expect a rebound in the evening.

Bitcoin is over 114300, watch for 116000.
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