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Recently, the Bitcoin market has performed strongly, successfully reaching the key price level of $118,000. This level is not only a previous high but also represents an important resistance zone at the monthly level, attracting widespread attention in the market.

From a technical analysis perspective, the $118,000 level is under dual pressure from historical trapped positions and psychological barriers. The formation of monthly resistance indicates a consensus among market participants, creating significant selling pressure. Although trading volume has increased recently, it has not yet reached the strong level needed to break through key resistance.

Looking at the recent trends, Bitcoin has encountered significant resistance near $115,000, with multiple attempts to break through failing. After reaching $118,000 this time, the confrontation between long and short positions has intensified, and the market is likely to enter a phase of consolidation and adjustment in the short term, rather than achieving a direct breakthrough.

It is worth noting that the resistance above $118,000 forms a good connection with the neckline at $117,000. If the market can firmly establish itself above this area, it is expected to launch an attack towards the $120,000 level. However, if it fails to break through effectively, the price may retreat to the support level of $115,000, forming a new consolidation range.

In the current market environment, investors should remain calm and avoid hastily chasing highs at key resistance levels. It is advisable to closely monitor changes in trading volume and the performance of key support levels, waiting for clear breakout signals before making any arrangements, as this may be a more prudent strategy.

The Bitcoin market is at a critical turning point, with the consolidation period containing both risks and opportunities. Investors need to patiently wait for the market direction to become clear in order to seize the best participation timing. In this uncertain phase, rational analysis and cautious decision-making will become the key to success.