Recently, the Bitcoin market has experienced an important breakthrough, successfully surpassing the upper bound of the descending trend line at $116,700 on the daily chart. This development injects new vitality into the market, and if it can stabilize above this level in the subsequent period, it will signify a breakthrough of the daily chart descending channel, which may consequently trigger a trend reversal towards long positions.

In this context, investors can set their sights on the $120,000 high. From the perspective of the 4-hour chart, there is currently a strong upward momentum. If the support at $116,700 can be held during the pullback, investors may continue to maintain a bullish outlook.

However, we also need to remain cautious, especially on the weekly chart. The $120,000 level may become an important resistance level, and market participants should closely monitor the pressure at this price point. Breaking through this level may require stronger buying support and more market confidence.

Overall, the current Bitcoin market is showing positive signals, but investors still need to remain vigilant, closely monitor market trends, and manage risks appropriately. In this cryptocurrency market full of opportunities and challenges, it is crucial to stay calm and rational.