The price of Bitcoin is currently in an ascending triangle pattern, with the market focus on the key level of $120,000. Although there were signs of a breakout yesterday, it failed to hold above, and the subsequent pullback did not form a clear support level, keeping the overall pattern intact.

The latest market shows that Bitcoin has seen a slight increase, but trading volume has not increased correspondingly, which may just be a tentative breakthrough, making it difficult to achieve a true breakout. In the short term, investors may need to pay attention to the pullback trend within the triangle formation. If the price can break through and hold above $120,000, it would not be too late to follow the trend then.

It is worth noting that the market is closely watching the upcoming CPI data, which may have a significant impact on the cryptocurrency market. At the same time, there are reports that some institutions are increasing their holdings of Bitcoin, which could have a positive effect on market sentiment.

In the current market environment, investors should remain cautious, closely monitor price trends and changes in trading volume, as well as macroeconomic data that may impact the market. At the same time, it is important to avoid blindly chasing highs, and waiting for clearer breakout signals before making decisions may be a more prudent strategy.