After Bitcoin rose to yesterday's high of $117,600, the current price is around $116,700. Compared to Ethereum, Bitcoin's increase has been relatively stable, currently in a range-bound state.

From a technical perspective, the MACD green bars on the daily chart for Bitcoin are expanding, and the KDJ has crossed upwards. There is significant short-term pullback pressure, but the weekly chart is still in an upward channel. On the 4-hour chart, the price is fluctuating around the middle band of the Bollinger Bands (around $116,000), with shrinking trading volume and insufficient bullish and bearish momentum. We need to be cautious of the risk of an 'air gap' flash crash.

Currently, the key support and resistance levels for Bitcoin are as follows: Support: $115,000 (EMA30 moving average), $115,800 (bull-bear dividing line). Resistance: $117,580 (upper band of the 4-hour Bollinger Bands), $118,000 (psychological level).

Recently, we should also pay attention to the impact of news, such as the U.S. pension fund market entry policy (401k allowing investment in cryptocurrencies) bringing long-term capital expectations; the probability of a Federal Reserve rate cut in September rising to 93.6%, and liquidity easing supporting the market, etc.

Long position trading range suggestion: If it stabilizes after a pullback to $115,500-$115,800, consider a small long position with a stop loss at $115,000 and a target of $117,500-$118,000.

Short position trading range suggestion: If it rebounds to $117,580-$118,000 and faces pressure, consider trying a short position with a stop loss at $118,500 and a target of $116,300-$115,800.

Medium to long-term trading suggestion: If it breaks below $115,000, be cautious of a deep pullback and consider reducing positions to observe; after stabilization, you can gradually build long positions, paying attention to the effectiveness of the $118,000 breakout.