The Bitcoin market has recently shown a fluctuating adjustment trend. After reaching a new high of $124,000, the BTC price has started to decline and is currently fluctuating below $120,000.

From a technical perspective, the key bullish trend line on the BTC/USD hourly chart has been broken, and the 100-hour simple moving average has failed to provide effective support. The price once dipped to around $117,250 and then showed some rebound, testing the Fibonacci 23.6% retracement level.

Currently, Bitcoin is consolidating below the $120,000 mark, which has become the focus of market attention. If it can effectively break through this resistance level, it may reignite bullish sentiment and push the price further upward. Conversely, if it fails to hold this level, it may face further downward pressure.

It is worth noting that although there has been a short-term correction, Bitcoin is still in a relatively high range from a medium to long-term perspective. Market participants are closely monitoring various technical indicators and macro factors to assess the potential direction of the market.

Does this round of adjustment mean that the bull market is temporarily on hold, or is it accumulating strength for the next wave of increase? Investors need to remain vigilant and pay attention to the competition around the $120,000 level, while also keeping an eye on potential support levels, such as the lows around $117,250. In a market environment with increased fluctuations, risk management becomes particularly important.