Currently, Bitcoin is consolidating between $113,500 and $113,750. As long as it holds this range, the market is relatively stable. However, if it cannot break through $116,200 soon, the bullish momentum may begin to 'lose steam'.

On the downside, if it falls below $113,000 with increased trading volume, the price could quickly slide to $111,976, and even head straight for $110,000. In a severe scenario, it may drop to $103,500 — which is a key support level from early Q2.

However, if Bitcoin can strongly break through $116,155 with volume support, it is very likely to rally back to $118,000, and even challenge the significant resistance at $121,600. But in the short term, market momentum is still insufficient, so don't be too optimistic.