The Bitcoin market has recently shown remarkable performance, with prices continuing to fluctuate within a high range. Recently, BTC reached a temporary high of $118,800, followed by a slight pullback. Currently, the price has rebounded from $116,600 to $117,660, demonstrating a certain level of resilience.

On the technical side, although the MACD indicator is above the zero axis, the dual lines are showing a diverging trend, and the volume of the histogram is increasing, which suggests that bullish strength remains strong. However, market participants still need to closely monitor the key support level of $112,000.

From an overall perspective, BTC may attempt to break through the current support level in the short term. If the price can effectively break through the important support range of $117,700-$118,000, then the upward trend will become more evident. Additionally, if the bulls can leverage positive news to push the candlestick above the previous high while the MACD indicator continues to show a divergent trend, Bitcoin is likely to regain strong upward momentum.

It is worth noting that in the current market environment, investors should closely monitor various macroeconomic news and key price breakout signals. In particular, recent attitudes of policymakers towards monetary policy, as well as the investment trends of major institutional investors, may have a significant impact on Bitcoin price movements.

Overall, the Bitcoin market is at a critical decision point. Whether bullish or bearish, it is essential to remain vigilant and be prepared to respond to potential significant fluctuations. In this uncertain market environment, risk management and patiently waiting may be the wisest strategies.