The current market for Bitcoin (BTC) saw a low of 117369.3 before rebounding. From the hourly chart perspective, the Bollinger Bands show a 'downward lower band and upward upper band' funnel shape, indicating an increasing divergence between bulls and bears.
Although short-term bears still dominate, there is significant technical buying support around 117400, with an effective defense level forming near the lower band at around 117400.
Bitcoin is expected to pull back to the 116980-117650 range for gradual long positions, targeting around 118800.
