The analysis of the 1-hour Bitcoin price chart shows that the current price is oscillating between the lower band and the middle band of the Bollinger Bands. Although there were signs of a brief market recovery this afternoon, the price fell back again after encountering significant resistance in the 114300 area, indicating an overall bearish trend.

On the technical side, although the KDJ indicator is close to the overbought area, this cannot be interpreted as a bullish signal, especially since the J line has displayed a typical waterfall decline pattern. Based on the current market performance, it is recommended that investors consider using the 114300 resistance level as a reference point for trading arrangements.

For specific operational strategies, short positions can be established around the area of 114500, with target price levels focusing on the two support levels of 113500 and 112500. Of course, the stop-loss points should be flexibly set based on individual actual holdings, as risk control is always the primary consideration factor in trading.

$BTC