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In tonight's Bitcoin market, we can still observe the possibility of a rebound at the hourly level. Currently, the Bitcoin price remains above the MACD indicator, which means that each pullback could become an excellent opportunity to go long. It is noteworthy that Bitcoin still has the potential to break new highs.
As the evening Consumer Price Index ( CPI ) data is about to be released, investors need to closely monitor market trends. If the Bitcoin price does not break below the four-hour level support, one may consider going long at lower levels. The intraday support level is around 118,000, while the resistance level above is around 119,000.
Based on the current market conditions, we can consider looking for go long opportunities in the range of 118,100 to 117,700, with target price levels set between 118,900 and 119,400. However, investors must keep in mind that the cryptocurrency market is highly volatile, and any investment decision should be based on individual risk tolerance and thorough research.