Recently, the Bitcoin market has been remarkable, with its price encountering resistance around $120,000, and it once fell below the support level of $116,000, touching a low of $115,000. Typically, we expect to see resistance in the range of $117,000 to $118,000, followed by a pullback to $113,000-$114,000.

However, the current market trend has shown abnormalities. The price of Bitcoin has broken through the expected resistance level and is approaching $120,000 again, which means the originally anticipated downward channel has not fully formed. Based on the current trend, as Bitcoin approaches $120,000 again, investors may need to consider shorting strategies.

Market participants should focus on two key support levels this week: $116,000 on the daily chart, and the range of $113,000-$114,000. From the short-term four-hour chart perspective, the range of $117,000-$118,000 may become an important resistance level. If the price pulls back to around $115,000, any rebound might encounter resistance in this range.

Given the current uncertainty in the market, investors are advised to closely monitor these key price levels. The abnormal performance of the market reminds us that traditional technical analysis methods may need to be interpreted in conjunction with the current unique market environment. It is crucial to consider multiple factors comprehensively before making any trading decisions, including but not limited to macroeconomic conditions, changes in the regulatory environment, and the behavior of institutional investors.

Whether you are an experienced trader or a novice investor, it is essential to remain vigilant and flexible in such a volatile market. Continuous learning and adapting to market changes may be the key to success in this rapidly evolving cryptocurrency space.