Recently, the Bitcoin market has shown a clear consolidation trend. Although the support below remains strong, the highs above are gradually declining. During the day, the market peaked at 119300 points, and the Bollinger Bands are contracting, indicating that the market is brewing a breakout.

From the hourly charts, the appearance of multiple lower shadows is not concerning. It is worth noting that the liquidity of other cryptocurrencies such as Ethereum has weakened, and this part of the liquidity is likely to flow back to the Bit market. Compared to the obvious downward trend of other crypto assets, Bit has shown significant stability.

However, there is significant selling pressure near the 120,000 mark, causing the Bitcoin price to fluctuate within a range. Currently, the Bitcoin price is approaching the 119,000 level. For investors with a higher risk tolerance, it may be worth considering building a position at the current location; while relatively conservative investors can gradually position themselves below 119,750.

In the short term, market participants should closely monitor the two key support levels of 116750 and 116000. These positions may become important turning points for future price movements. Overall, the Bitcoin market is in a critical consolidation phase, and investors need to stay alert and be ready to respond to potential breakout scenarios.