The current Bitcoin price is showing weakness, having fallen below the lower band of the Bollinger Bands, and is exhibiting a clear downtrend. Short positions are in control, and the market may continue to decline in the short term.

In this case, investors need to act cautiously. The strength of the rebound may be limited, so adopting a trend-following short positions strategy may be wiser. Consider establishing short positions around $1160, with a target price set at around $1145. However, risk management is crucial, and it is recommended to set the stop-loss point above $116500.

It is worth noting that blindly bottom-fishing in the current market environment may pose significant risks. Especially during the European trading session, the market may experience accelerated falls, and investors need to remain vigilant.

Overall, in this volatile market, controlling positions and strict risk management are particularly important. Investors should closely monitor market trends and adjust their strategies in a timely manner to cope with potential sharp fluctuations.