Today, the Bitcoin market shows a decline after high-level consolidation, with the price unable to sustain the previous upward momentum, falling from recent highs. Currently, Bitcoin is trading around $111,700, down about 0.52% in the last 24 hours.

This round of correction is mainly influenced by two factors: first, the market is undergoing a technical correction after the previous rapid rise, and some investors have chosen to realize their profits. Second, approximately $11.4 billion worth of Bitcoin options are set to expire today, an event that often intensifies short-term market fluctuations, leading to fierce battles between bulls and bears.

From a technical analysis perspective, the current decline can be seen as a normal adjustment process after a significant rise, with the market seeking a new equilibrium point. Moving forward, investors need to closely monitor the support level around the $110,000 mark, as this will determine the extent of the short-term adjustment. It is worth noting that despite the price retreat, overall trading volume remains active, and there have been no significant changes in the market fundamentals.

Looking ahead, whether Bitcoin can stabilize around $110,000 will be key. If this support level can be effectively maintained, it may signal that the adjustment is about to end, setting the stage for the next round of pump. On the contrary, if it falls below this critical position, it could trigger a deeper correction. Investors should remain vigilant, closely monitor market movements, and manage risks appropriately.