The four-hour candlestick chart for BTC is facing resistance near the key Fibonacci retracement level 0.618 at around 111,000 and has pulled back. Currently, it is consolidating around the 110,000 integer level. From a structural perspective, the support below is relatively weak, and the overall downside potential is significantly greater than the upside potential, indicating a short-term sideways to slightly bearish pattern. From a simple technical analysis standpoint, the MACD indicator continues to expand, and although there are signs of increased trading volumes, whether the volume can sustain remains to be seen. The main resistance above is near the upper band of the Bollinger Bands at around 112,100, which is expected to exert a strong resistance to short-term rebounds.