The crypto assets market is once again turbulent, with Bitcoin prices experiencing a sharp fall, briefly touching the $117,000 mark. This trend has attracted significant follow from market participants, with some believing it could be a good opportunity to buy the dip, while others are concerned it might be the beginning of a larger fall.

From a technical perspective, the Bitcoin hourly chart has fallen below the 200-day moving average, and the relative strength index (RSI) has dropped to 35, indicating an oversold signal. The contract market's open interest has also shown a continuous decline, reducing by approximately 6,400 contracts.

In the short term, the range of $117,000 to $117,200 seems to have accumulated some buying power. If Bitcoin can stabilize in this range, it may rebound to around $118,200. However, if this support level is broken, the price may quickly drop to $116,700.

From the perspective of trading volume, $118,242 is the largest transaction price area in the past two weeks and is regarded as an important value anchor point. If Bitcoin can return to this level with substantial volume, it may indicate a restart of bullish momentum.

$116,868 is considered a key support level, also referred to by some analysts as the "iron bottom". If this level is broken, there may be a volume vacuum in the range of $116,730 to $116,455, which could lead to an accelerated price fall.

From a mid-term perspective, the current market seems to be at the tail end of a high-level consolidation, and may enter a "panic pullback" phase in the short term. If the support level at $116,800 holds, this pullback may be seen as a healthy washout in the bull market.

For traders, the current market is highly volatile, with risks and opportunities coexisting. Whether choosing to position at the current level or waiting for further confirmation, it is essential to strictly control positions and set reasonable stop-losses to cope with potential drastic fluctuations.

It is worth noting that although short-term market sentiment tends to be pessimistic, Bitcoin is still in a relatively high range when viewed from a longer time dimension. Investors need to take into account both short-term technical factors and long-term fundamentals when making decisions, weighing the risk-reward ratio, and making investment decisions that align with their own risk tolerance.