In the past day, Bitcoin once surged to $124,533, and then quickly fell back to $117,927. This wave of volatility directly led to the market being liquidated by $342 million, significantly increasing the risk.

According to Glassnode data, the current demand for 'downside protection' in the market is at a historical low, which means there may be larger fluctuations in the short term.

The key point to watch next is the resistance level at $127,000. If Bitcoin can break through and withstand the selling pressure at high levels, the next step may be a direct move towards $144,000.