Bitcoin has started to show a pullback trend after the recent rebound, but the overall market trend remains positive. As long as the price does not fall below $117,000, we are likely to see a pump trend at the four-hour level. Currently, investors need to closely follow the key resistance level of $120,000.

From a technical perspective, the daily chart shows that Bitcoin is operating near the upper Bollinger Band, indicating that bullish strength remains quite strong. However, the overall momentum in the market is relatively slow, and the next focus will be on the strength and duration of the second rally.

For short-term traders, $117,800 may be a bullish entry point worth following, with a target price set around $119,000. If this level is broken, the next significant resistance level will be $120,000.

It is worth noting that although Bitcoin may experience volatility in the short term, long-term investors should pay more attention to fundamental factors and overall market trends rather than overly focusing on short-term price fluctuations. As the cryptocurrency market continues to mature, investment strategies also need to be adjusted accordingly to adapt to this rapidly evolving industry.