The current price of Bitcoin is around $114,400, positioned in the middle of the upward channel since April. Recently, after a pullback from the high of $123,800, it stabilized above $111,950, which has not damaged the long-term bullish structure. On-chain data shows that 351,000 Bitcoins changed hands in the range of $112,000 to $114,000, solidifying bottom support; however, $117,000 to $118,000 is a key resistance level, and it may retrace before breaking through.

From a technical perspective, the recent upper resistance levels are at $115,200 (EMA cluster) and $116,500 (Fibonacci R3), forming strong pressure, and a breakout needs volume. The lower support levels are at $112,800 (liquidity dense area) and $111,950 (bull-bear dividing line); if lost, it may test $110,000. In the short term, it remains in a consolidation pattern, with the 4-hour chart showing the Bollinger Bands slightly expanding after narrowing, MACD momentum is weak, and RSI is neutral (41.82), so attention is needed for breakout or pullback signals.

Long position operation range suggestion: Stabilizing around $112,500 to $112,800 can enter long positions, with a stop loss at $111,900. Target $114,500 to $115,200.

Short position operation range suggestion: Pressured around $115,200 to $115,500 can enter short positions, with a stop loss at $116,500, target $113,500 to $114,000.