Bitcoin is in a short-term rising trend channel. However, it's also moving within a "rectangle formation" with a crucial resistance level around $118,000 and support at about $113,000. A decisive move outside this range will likely dictate the next major price action.

* Short-Term: The immediate future is a bit uncertain. Some analysts see the potential for a "bullish breakout" that could push the price towards $118,000 or even $120,000 if it can overcome key resistance levels.