Recently, the market for Bitcoin has been like a roller coaster, experiencing a rapid surge in prices followed by a sharp decline in market enthusiasm, with investors' emotions shifting from excitement to cautious observation.

Looking back at this round of market activity, July 14 was undoubtedly a key turning point. On that day, Bitcoin prices surged and successfully broke through the important psychological barrier of $120,000, even reaching a peak of $123,300. This price level not only set a new recent high but also filled the market with endless imagination regarding the future trends of Bitcoin, leading many investors to follow suit and enter the market, hoping to get a share of the profits from this wave.

However, market trends are always full of uncertainties. Just as investors were still immersed in the joy of rising prices, Bitcoin prices quickly entered a correction mode after reaching the high of $123,300. This sudden change caught many investors off guard.

From a technical analysis perspective, the indicators I have been tracking for a long time have issued clear reversal and peak signals, and this signal was clearly reflected in the recently confirmed candlestick. This candlestick is like a warning light; it indicates that the short-term upward trend of Bitcoin has declared a break, with bullish momentum gradually weakening while bearish forces begin to stir.

With the end of the upward trend, the Bitcoin market will enter a phase of consolidation and adjustment. In this phase, determining support levels is crucial for investors' operations. Currently, the key support levels to watch are at $117,000 and $116,000. $117,000 serves as the first line of defense; if the price can gain effective support and stabilize at this level, the market may experience some degree of rebound; however, if this support level is effectively broken, the price may seek further support near $116,000. Investors need to closely monitor the price performance around these two support levels and manage their positions wisely to respond to various potential changes in the market. $BTC $ETH #比特币巨鲸动向 #以太坊连续两日领涨 #ETH突破3600