In simple terms, the price of BTC has already fallen below the key support level of 115000, the 200EMA moving average. In the short term, the market has turned bearish. The price is currently hovering around 113000, and if it falls below the support point of 112850, it may drop even faster, heading straight for 110000.

From a technical perspective, the RSI indicator has fallen below 30, indicating that selling may be a bit excessive (oversold), but the green bars in the MACD indicator are still increasing in length, meaning that the strength of the bears has not weakened yet.

In addition, the latest inflation data from the United States is not so good, with PCE rising to 2.6% and CPI to 2.7%, both higher than market expectations, which makes everyone feel that the Federal Reserve may not cut interest rates so quickly. Coupled with Trump's public demand for Federal Reserve Chairman Powell to resign, the policy has become uncertain, and the market is even more anxious.

The key now is the support at 112850; if it falls below that, it might drop towards 110000; the resistance above is between 115000 and 116000.