Bitcoin continued its upward trend yesterday, with the price rising by nearly 3000 points, reaching around 120,000 at a high point, and the overall market is continuously warming up. Today's market opened with a sharp rise, breaking yesterday's resistance and showing a slight pump; currently, the price is operating in the area just below 120,000. Long positions sentiment is steadily increasing, and there is potential for further upward movement in the price during the day.

On the daily chart, the market is continuously testing upward, and the situation has improved as long positions are recovering lost ground. Currently, the price is operating above the five-day and ten-day moving averages. Although the intraday rise is not strong, the upward trend is quite obvious. Going forward, the key focus will be on the stability around the 120,000 level. If the market can stabilize, the price is expected to continue rising.

Looking at the short-term 4-hour chart, the Bollinger Bands are opening upwards, and the trend is biased towards an upward movement. Moreover, all moving averages maintain a bullish posture. The market has entered a phase of oscillating upward movement, and currently, the trend has not broken down again. Therefore, it is not advisable to blindly chase the rise in operations, and one should be cautious of a potential pressure that could lead to a pullback towards the lower support. For a more conservative approach, consider buying on dips, with short-term support levels to watch being 117500-11800.
7.17 Bitcoin short-term reference:
The lower test position is 12.3W - 12.2W, defend 12.5W for replenishment, stop loss: 500 target below 12.1500,
Test the position at 117000-118000 long positions, stop loss 500, support at 115000 for additional buying, target above 119500.