Bitcoin has recently performed strongly, with a daily chart dip and rebound occurring on July 25, forming a hammer-shaped Candlestick, which is a typical representation of a long positions trend. From the perspective of technical indicators, the daily chart Donchian Channel is also operating in the upper band, further confirming the current strong bullish pattern.

However, in the short term, Bitcoin may once again touch the top of the range at 120600-121600, where there could be strong resistance. If it cannot effectively break through, the market may continue to oscillate within the range. Investors need to closely monitor the support range below at 118500-117500, which is the position where the recent few closings have effectively stabilized, and is also the area where buying power is relatively concentrated.

Despite the current trend leaning towards long positions, the market still faces certain uncertainties. Investors should remain vigilant, paying attention to key price level breakouts or dips, as well as changes in trading volume, as these factors may influence the short-term trend of Bitcoin. At the same time, it is also important to keep an eye on changes in the global macroeconomic environment and regulatory policies, as these external factors often have significant impacts on the cryptocurrency market.