Will it break the 120,000 mark again? Continue to chase the rise?

7.23 Bitcoin Intraday Analysis:

Bitcoin $BTC

Currently, bulls and bears are contesting around the key resistance area, with prices rebounding near the middle band of the Bollinger Bands. Bears are waiting for selling pressure from above, while bulls lack momentum for a counterattack. We need to be cautious of the opportunity to test the support level of 119,000. Overnight, Bitcoin once again broke through 120,000, but failed to sustain an effective continuation, presenting an overall trend of slow increases under pressure;

From the current market perspective, Bitcoin is speeding up its upward movement, eager to break out of the current oscillation pattern, but there are also significant hidden risks. The current four-hour level shows a shrinking upward movement. After several days of 'washing the market' style price movements, the main players have gained high control over the market, and there is still suspicion of inducement;

Although the current price is at a high level, it has not yet stabilized above 120,000, so it is not advisable to chase the rise at high levels. Intraday operations can first look for a pullback, and after the adjustment is in place, then position for long orders.

Looking towards the target below 120,500 at 116,500#NFT板块领涨