The Bitcoin price has experienced a pullback, finding strong support around $118,050. Subsequently, it has begun a process of consolidation and recovery based on moving averages. The previous rally to $122,450 clearly demonstrated its upward momentum. On the technical side, the green bars of the MACD indicator are continuously shortening, which indicates that long positions are accelerating.

Based on the current market performance, Bitcoin may consolidate in the range of $118,500 to $119,000. If it breaks through this range, the next target price could be $120,000, or even higher at $121,800.

However, investors need to keep in mind that the cryptocurrency market is highly volatile, and any investment decisions should be based on thorough research and risk assessment. Market trends can be influenced by a variety of factors, including but not limited to global economic conditions, changes in regulatory policies, technological advancements, and so on.

In addition, Bitcoin, as the leader in the digital asset space, often influences the sentiment of the entire cryptocurrency market with its price movements. Therefore, closely monitoring the trends of Bitcoin is of great importance for understanding the trends of the entire market.