The price of Bitcoin has recently experienced a brief pump followed by a downward trend, currently consolidating sideways around $119,600. On the technical front, the middle band support has been temporarily confirmed, but the longer forces have weakened, and the market faces some uncertainty.

From the resistance perspective, the range of 120,000 to 121,000 USD constitutes the main pressure zone at present, and a short-term rebound may encounter resistance here. On the support side, close attention should be paid to the critical area of 118,000 to 117,000 USD. If this level is breached, it could trigger further adjustments.

For trading strategies, investors may consider adopting a cautious short-selling strategy when the price rebounds to the $120,000-$121,000 range, but must set the stop-loss above $120,500 to control risk. On the other hand, if the price falls back to the $117,000-$118,000 range and stabilizes, there may be an opportunity to go long.

It is worth noting that the current market is in a high-level sideways phase, and short-term operations need to be particularly cautious, especially to guard against the risks brought by false breakouts. Nevertheless, as long as the key support level has not been effectively broken, the overall trend still tends to be bullish. Investors should remain vigilant, closely monitor market trends, and flexibly adjust strategies to cope with various situations that may arise.