Bitcoin (BTC) has stabilized and rebounded in the early part of the Asian trading session today after a brief adjustment, currently forming a small consolidation platform around $117,700. From the perspective of short-term technical indicators, the MACD has returned above the zero axis, and the RSI indicator is steadily rising, while the 4-hour chart still maintains an upward channel structure. If BTC can stabilize above $117,800 in the short term, it is expected to launch an attack towards the $120,000 round number.

However, investors need to be aware that although the medium-term trend has not yet reversed, the market may experience repeated fluctuations before the pullback is fully repaired.

From the technical analysis of multiple time frames, the 15-minute and 1-hour charts show positive signals, with the MACD indicator forming a golden cross and crossing above the zero line, the RSI indicator rebounding, and the moving average system starting to show a bullish arrangement. The 4-hour chart is still operating within an upward channel, and although the MACD has experienced a high-level pullback, it has again increased and turned red. The daily and weekly charts indicate that the long-term upward structure remains intact.

It is noteworthy that the trading volume data shows signs of low-volume rebound in the 15-minute and 1-hour time frames, indicating that selling pressure may have been released in stages, and buying strength is increasing.

At the macro level, several important news items in the past 24 hours are worth noting: BlackRock Bitcoin ETF (IBIT) recorded a single-day inflow of funds reaching a new high for the month at $125 million, reflecting strong buying interest from institutional investors. On-chain data shows that exchange Bitcoin balances have fallen to a three-month low, indicating a continued reduction in selling pressure. In addition, the U.S. Securities and Exchange Commission (SEC) stated it will consider accelerating the ETF review process, which may bring more positive news to the Bitcoin market.

Overall, the current Bitcoin market shows positive signals from both the technical indicators and the fundamentals, but investors should remain cautious and closely monitor the breakout situation at the $120,000 level.