Recently, the Bitcoin market has shown a positive rising trend. Driven by favourable information, the Bitcoin price has once again achieved a breakthrough, exceeding the recent high of 117K. The market focus has now shifted to the important psychological level of 120K, marking the onset of a new rising channel.

In the recent trading days, the Bitcoin price chart has shown a strong rebound after multiple dips, reflecting both the market's washout behavior and investors' active buying at low price levels. The candlestick pattern remains above the short-term moving averages, highlighting the current market structure dominated by bulls.

It is worth noting that although the price has risen, the trading volume has not yet fully exploded. If there is a significant increase in trading volume when breaking through 120K, it may trigger a faster rise. In terms of technical indicators, the MACD indicator has entered above the zero line, indicating that momentum is gradually increasing, which is usually seen as a signal for the market to shift from weak to strong, suggesting that the upward trend may continue.

In the short term, the market is in a rebound and upward phase. Investors should closely monitor changes in trading volume: if a breakthrough can be achieved with volume support, new highs are expected; if the volume is insufficient, it may oscillate and consolidate within the range of 117K to 120K.

For day traders, it is recommended to pay attention to the support level in the range of 116.5K to 115.5K and look for potential long opportunities. At the same time, closely monitor the resistance levels in the range of 118.5K to 119.5K.

Overall, the Bitcoin market is at a critical turning point. Investors need to maintain a cautiously optimistic attitude, seizing potential rise opportunities while also managing risks to cope with market uncertainties.