The Bitcoin market is currently showing a complex situation where a short-term rebound and a medium-term downward trend coexist. From the 8-hour chart, BTC remains below the EMA9/21 moving averages and is also below the weekly pivot point of 114,386, indicating an overall bearish trend. Traders may consider gradually establishing short positions within the range of 111,800 to 114,400, with a stop loss set at 116,419. If the price breaks below 107,020, and even further below 106,050, it could trigger a new round of declines, with target price levels looking at 105,525, 105,328, and even 102,573.

The 4-hour chart also shows a moderate bearish trend, with the MACD indicator below the zero line, reflecting that short-term momentum remains weak. Traders can look for short position opportunities in the range of 110,500 to 114,000, with a stop loss at 115,702. If the price breaks below the support, 106,050 will become an important target.

However, the 1-hour chart shows slight bullish signals, with the price currently above the EMA9/21 moving averages and the 107,020 daily pivot point. Short-term traders may consider attempting to go long within this timeframe, with a stop loss set at 105,509 and target price levels ranging from 108,179 to 108,569 and 108,869.

Overall, the market strategy is recommended as follows:
1. Take advantage of the rebound opportunity on the 1-hour chart, targeting 107,700 to 108,600, with a stop loss set at 105,500.
2. Stay vigilant of the downtrend in higher time frames, shorting on rallies within the range of 110,500 to 114,000, with risk control set at 115,700 to 116,400.
3. Keep a close eye on the key support at 106,000; if it falls, it may trigger further declines to 105,500, and even 102,600.

This intertwined market environment requires traders to remain vigilant, flexibly adjust their strategies, and strictly control risks.