Recently, the Bitcoin market has shown a fluctuating adjustment trend. From a weekly level perspective, the technical indicators suggest a need for a pullback. Last week, a high bearish line was formed around 123,300, indicating that there may be downward pressure in the short term.

On the daily chart, the candlestick shows a trend of oscillating downwards. Although the support around 116,000 is still in effect, if this key level is broken, it may trigger further declines, testing new support levels.

In the current market environment, investors should maintain a cautious attitude. Before clear breakout signals appear, a consolidation approach can still be adopted.

It is worth noting that around 119,600 may become an important resistance level. If the price approaches this level, a short position could be considered, with a target set at 116,500. On the other hand, around 116,300 may be a potential support area. If the price pulls back to this level, a long position could be considered, with the target aimed at 119,600.

Overall, the current Bitcoin market is in a consolidation and recovery phase. Investors need to closely monitor the breakout of key price levels and adjust their trading strategies flexibly. At the same time, they should be vigilant about changes in market sentiment and the impact of external factors on price movements.