Bitcoin is currently consolidating around $117,400 at the hourly level, with a temporary balance of buying and selling forces, and the market direction remains unclear, requiring close attention to breakout signals. The key support levels are between $115,000 and $116,000. After a breakout, it will continue to test $120,000.
In terms of technical indicators, the EMA7 and EMA30 moving averages are converging, and the trend is yet to be confirmed; trading volume is shrinking, reflecting a wait-and-see sentiment in the market, and a breakout needs to be supported by increased volume; the RSI is around 50, indicating neutrality, with no obvious reversal signals. The market may continue to oscillate within the $116,000 to $118,500 range.