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Last night, Bitcoin quickly rebounded after a spike, breaking through the 120,000 level to reach 120,400, but this morning it failed to maintain the upward momentum and began to enter a correction phase.

From the 1-hour candlestick chart, the price of the coin has touched the upper Bollinger Band and is under pressure to decline, currently showing a downward trend below the middle band, with a short-term trend pointing downwards. The MACD indicator's two lines have peaked and are now synchronously retracing, with bullish momentum significantly weakened; the KDJ three lines are crossing and diverging downwards, overall leaning towards bearish, and the retracement trend is quite clear.

Focusing on short positions, Bitcoin can be positioned to short in the range of 119500-120000, with a target looking towards 117000. If this level is broken, it can further look down to 115000; if the above range is not effectively broken, one can reverse to enter a long position.

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