Recently, the Bitcoin market has entered an 8-hour level adjustment phase. From the perspective of technical indicators, MZCD shows that the rise momentum has weakened, which means there may be a demand for a pullback. However, from an overall structural standpoint, it is still in a strong adjustment state.

Market participants should closely monitor the zero line on the 8-hour chart, which will be a key indicator for judging future trends. If the price breaks below the zero line, it may trigger further downward pressure.

Currently, there are several important support and resistance levels in the market. The lower support ranges are 117959-117500 dollars and 116454-115979 dollars. If the price breaks below these ranges, it could trigger a larger pullback. The upper resistance levels are located around 119863-119993 dollars and 120846 dollars, and breaking through these positions could trigger a new round of pump.

Overall, although Bitcoin may face some adjustment pressure in the short term, as long as it can hold key support levels, the market is still expected to maintain a strong overall pattern. Investors should remain vigilant and closely monitor the price performance at key positions to adjust their trading strategies in a timely manner.