Is it a trap or a trend reversal?

Yesterday's Bitcoin market saw a dramatic reversal, peaking at 12100 before plummeting 4500 points by midnight, with astonishing volatility.

Currently, the market is experiencing weak momentum with a bearish trend. The Bollinger Bands are tightening, and the market is in a consolidation phase, facing pressure at the middle band, indicating a need for a pullback. However, strong resistance is present around 116800, limiting the pullback space.

For the day, it is recommended to focus on buying around 117500 and near 116800, with an upward target pressure of 120000; a strong breakthrough would indicate further upward movement.