Recently, Bitcoin's price movement has attracted market attention. Analyzing the daily chart, Bitcoin experienced a slight pullback yesterday, encountering short-term resistance near $117,000. Currently, investors are closely following the key level of $118,000, which was previously a high-frequency trading area when the price reached the $120,000 peak.

The market generally believes that if Bitcoin can break through and stabilize above $118,000, it is likely to once again challenge the $120,000 mark. However, if it fails to break through this level, the current upward trend may pause and enter a correction phase.

From the 4-hour chart, Bitcoin is currently holding above the 120-day moving average, which is a positive signal. The upcoming trend will mainly depend on whether it can break through the $118,000 high.

At the same time, Ethereum (ETH) is also showing a similar upward trend. Currently, the key support level for ETH is at $4130, and if it can maintain its strength, it is expected to challenge the range of $4500 to $4600.

It is worth noting that the cryptocurrency market is highly volatile, and investors should exercise caution and manage risks. Although pullbacks may occur in the short term, many analysts remain optimistic about Bitcoin and Ethereum in the long run.

As institutional investors continue to enter the market and global macroeconomic uncertainty persists, the status of cryptocurrencies as a hedge tool may further strengthen. However, changes in the regulatory environment and technological developments remain important factors affecting the market, and investors need to stay vigilant and keep up with the latest developments.