Recently, the price of Bitcoin entered a sideways consolidation phase after reaching a high point, indicating that the previous strong pump may have come to a temporary halt. Currently, the market lacks new catalysts, and it is expected that Bitcoin will continue to fluctuate within a certain range in the short term.

This situation provides a short-term performance opportunity for Ethereum and other cryptocurrencies. Investors can pay attention to the trends of these coins to look for potential investment opportunities.

From a technical perspective, Bitcoin is currently facing resistance around the $118,500 level, which is both a previous high and an important resistance zone. The first support level is at $115,500, and if this level is broken, the lower edge of the CME futures gap around $114,000 will become the next key support level.

Overall, Bitcoin is currently in a sideways phase. In this market environment, investors should operate cautiously, control their positions, and patiently wait for a clear direction from the market.

It is worth noting that the upcoming CPI (Consumer Price Index) data may have an impact on the cryptocurrency market, and investors should closely monitor the release of this economic indicator.

In this uncertain market environment, it is particularly important to maintain vigilance and a flexible investment strategy. Investors need to stay alert to market dynamics and adjust their investment strategies in a timely manner to cope with potential market fluctuations.