#BTC# Today, the Bitcoin market shows a clear characteristic of range oscillation. Last night, the Bitcoin price was affected by the US stock market and experienced a bottoming out, rebounding from $117,790 to $119,435 before encountering resistance. It is currently still fluctuating within the range of $118,000 to $119,500.

It is worth noting that the lower edge of the previous fluctuation range around 117,000 USD has turned into a support level, while the area between 119,000 and 120,000 USD has formed a clear resistance. This phenomenon indicates that the market is still in a wide fluctuation phase, with the bullish and bearish forces continuing to tug-of-war within this range.

From a technical perspective, the daily candlestick chart has not yet shown a significant breakout, and the short-term pullback risk has not further increased. The price has broken through the middle band of the Bollinger Bands and has stabilized, coupled with the channel showing an expanding trend, indicating that the market's fluctuation range may widen.

If it can break through and stabilize at the $120,000 level, the upward space is expected to open further. Currently, the K-line lows are gradually rising, indicating that the bulls still have a certain strength, and the possibility of launching an attack on key resistance is not ruled out. The $120,000 mark has become an important watershed, and if it can firmly maintain this position, it is expected to break through the upper edge of the previous fluctuation and advance towards the $122,000 to $125,000 area.

However, if it continues to be pressured below the $120,000 mark, one must be wary of a possible retreat to the $117,000 support level. If this support level is breached, further declines to $115,000 cannot be ruled out.

In the current market situation, trading strategies could consider high selling and low buying within the range. When approaching the $120,000 resistance level, you could try to short with a small position, setting the stop loss above $121,000. When the price falls back to the support area of $117,000 to $117,500, you could consider going long with a small position, setting the stop loss below $116,000.

Regardless of the strategy adopted, always remember to set reasonable stop losses to control risk. The current market is highly volatile, with opportunities and risks coexisting; investors must remain vigilant and operate rationally.