Recently, the Bitcoin market experienced a thrilling fall, with prices once approaching the key support level of $110,000. This sudden drop caught many investors off guard, resulting in significant losses.

However, it is worth noting that despite the significant price drop, the important support level of $112,000 has not been breached. From the four-hour chart, the price quickly rebounded after reaching a low, indicating that the market still has a certain level of resilience.

This price action may indicate that the bulls are about to launch a counterattack. Investors' focus has now shifted to the resistance zone around $117,000, which will be a key position for determining the direction of the market. If Bitcoin can break through this level, it may trigger a new round of upward momentum.

At the same time, the market is closely monitoring the movements of some long-term holders. There are signs that some early Bitcoin investors are gradually reducing their holdings. This behavior may affect the supply and demand dynamics in the market, thereby influencing price trends.

Overall, despite experiencing this sharp fall, the Bitcoin market still shows a certain level of resistance to declines. In the coming days, $117,000 will become a key price level that market participants will closely monitor. A breakthrough at this level could bring new upward momentum, while failure could lead to further pullbacks. Investors should remain vigilant, closely watch market trends, and manage risks effectively.