From the daily chart, Bitcoin formed a small bearish line yesterday, facing resistance at 11.98. The resistance level above to follow is at 12, which is a concentrated trading area during the previous sideways high point of 120,000. The key focus in the short term is whether it can break through and hold above 11.98. If it holds, it will challenge the 120,000 mark again; conversely, if it fails to test 11.98, the temporary rise may end and it could enter a pullback phase. Currently, on the 4-hour chart, it is holding above the MA120 moving average, with attention on testing and breaking the 11.9 high point upward.