The Bitcoin market has once again welcomed a significant breakthrough. Analyzing from the daily chart level, the Bitcoin price has shown a rising trend for 7 consecutive days, successfully breaking through the previous high and approaching the important threshold of 120,000 dollars.

This breakthrough brings new opportunities and challenges to the market. Currently, $120,000 has become a key resistance level in the short term. If this level can be effectively broken, Bitcoin is likely to launch an attack towards the historical high of $123,000. Notably, the market generally expects Bitcoin to create new historical highs, which will form a typical W-shaped bottom pattern on the daily chart, indicating strong upward momentum.

For day traders, the range of $117,500 to $118,000 may offer a good buying opportunity. If this opportunity is successfully seized, target price levels can be set at $119,500, $121,000, or even $123,000.

However, investors should also remain cautious and closely monitor market trends. Although the current trend is bullish, the high volatility of the cryptocurrency market still exists and may lead to unexpected price fluctuations. Continuously paying attention to changes in market fundamentals and technical aspects will help make more informed investment decisions.