Currently, the Bitcoin market is in a critical fluctuation phase, with the price hovering around 117500 dollars. The market structure indicates an important resistance area between 119000 and 121000 dollars, where a large number of short positions' stop losses and long positions' increase the position points are concentrated. If the price breaks through this area, it could trigger a strong pump.

On the other hand, around $116,000 is an important support level. If the price falls below this level, it may trigger long positions to close, resulting in a rapid price drop.

Currently, both long positions and short positions are in fierce contention, and the market direction is still unclear. Traders are waiting for the breakout point to appear.

Based on the current market structure, we can make the following analysis:
1. If the price breaks through $119,000, it may quickly pump to $120,000 or higher, forming a strong rise.
2. If the price falls below $116,000, it may quickly drop to $114,000 or lower, triggering a wave of downward fluctuation.

Considering the current market's high risk and volatility, it is advisable for investors to remain cautious. Excessive leverage can bring serious risks. In such an uncertain market environment, adopting a wait-and-see attitude may be wiser than rashly entering the market. Waiting for prices to break through key levels before following the trend could be a more robust strategy.

It is worth noting that the cause of liquidation is often not the error in direction judgment, but rather the excessive position size. Therefore, managing position size reasonably is crucial for risk management.

Overall, the Bitcoin market is at a critical decision point. Whether in long positions or short positions, it is essential to closely monitor price fluctuations and adjust strategies in a timely manner according to market changes. In this market filled with opportunities and risks, it is crucial to remain calm and rational.