The recent price movement of Bitcoin has attracted widespread attention in the market. From the medium-term charts, Bitcoin is currently operating in an ascending triangle consolidation pattern, with the lower boundary support level between 114000 and 114500, while the upper boundary resistance is around 117500. This price structure reflects the intense battle between the buying and selling forces within a gradually narrowing space, and a breakout above the upper boundary may indicate a concentrated explosion of long positions.

From a technical indicator perspective, the MACD indicator shows that bearish momentum is weakening, while bullish strength is beginning to accumulate; the KDJ indicator presents a typical oversold recovery signal. These indicators collectively suggest that a rebound may occur in the short term.

It is worth noting that recent on-chain data shows a significant accumulation trend among large wallets holding 1,000 to 10,000 Bitcoins. Particularly when the Bitcoin price retraced to around 114,000, large buy orders increased by about 30% compared to before. This indicates that major funds hold a positive attitude towards the current price range.

Combining the cyclical patterns of Bitcoin, the current time point is exactly in the 12 to 18 months before the halving cycle, a phase usually regarded as the market brewing period. As the key time node of August approaches, market sentiment may shift from cautious to optimistic. Therefore, the current pullback is likely a buildup of strength by long positions for future market trends, rather than a signal of trend reversal.

For short-term operations, investors should focus on the breakout situation at the key position of 117500. If it can firmly hold above this level, the next target price may rise to 119500. On the downside, 114000 is an important support level, and if it breaks below this level, it may further test the support in the range of 112000 to 113000.

From a long-term investment perspective, the current price is still in the cycle low area. The main force's increased positions during this pullback may provide valuable reference information for medium to long-term investment planning. In any case, investors should remain vigilant, closely follow market trends, and manage risks effectively.