Recently, the Bitcoin market has shown a volatile trend, attracting close attention from investors. Currently, the resistance level for Bitcoin is in the range of 120000 to 120500. If it can break through this pressure zone, it may trigger a second peak test, further directing attention to the higher resistance levels of 121600 and 123300.

However, there are also downside risks in the market. If Bitcoin cannot break through the first resistance level mentioned above, investors should be cautious of the support level around 118700. If the one-hour K-line closes below this position, it may indicate the end of the short-term rebound and the start of a pullback phase. In this case, the next key support level will be at 117700.

It is worth noting that if the Bitcoin price falls below these two support levels, it may indicate that the current upward momentum has been exhausted. This trend will have a significant impact on short-term market sentiment and may lead more investors to reassess their holding strategies.

In this complex market environment, investors need to remain vigilant and closely follow the performance of various key price levels. At the same time, they should also consider broader market factors, such as global macroeconomic conditions and regulatory policy changes, to make a comprehensive judgment on the future trend of Bitcoin.