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BTC price has successfully hit the 118,000 mark, showing strong momentum from market long positions. In the short term, it is highly likely that long positions will test the upper resistance level, and there is a possibility of further upward movement in the market.
However, in the current process of chasing the rise, if the breakout is strong and solid, the probability of the subsequent market continuing to rise is relatively high; but if the breakout appears weak and feeble, it is necessary to be cautious of the market showing fluctuations.
From the perspective of support and resistance levels, if the price falls below the critical position of 117500 in the short term, the market may further decline, at which point attention should be paid to the support situation at 118000 below. However, if the 118000 level can be effectively defended, then long positions are expected to continue to strengthen, aiming to reach the target price of 120500.