Recently, the Bitcoin market has shown a complex situation of intertwining bulls and bears. In the short term, the 1-hour chart shows that the price is below the 21-day moving average, and a MACD death cross has formed, suggesting that there may be adjustment pressure in the short term. The key support level is around 117,600. If this level is broken, it may further dip to 116,000 or even 114,000.

However, in the medium term, the technical indicators on the 12-hour chart are sending positive signals. The DI indicator has formed a golden cross, and the ADX is above 20, indicating that upward momentum is building. 121,500 has become an important breakthrough point, and once it is breached, it is expected to drive the price up to 123,600 and even 127,000.

The long-term outlook remains optimistic. The daily chart shows that the Bitcoin price is still firmly above the 200-day moving average, with the DI+ indicator in the dominant position, maintaining an overall upward trend. 115,000 is an important support level, and if it can hold, there is hope for a challenge of 122,500, and further pushing towards the highs of 127,000 and even 134,000.

Overall, investors may consider positioning themselves during short-term pullbacks, focusing on buying opportunities in the 117,600-118,000 range. At the same time, it is important to be cautious of short-term downward risks, and stop-loss levels can be set at 118,200-118,500. For medium to long-term investors, the current market is still in a favorable pattern, and it is advisable to patiently wait for better entry points.

The market changes rapidly, and investors must consider their own risk tolerance when formulating trading strategies, reasonably control their positions, and adjust their strategies flexibly.