After a brief adjustment on Wednesday, Bitcoin surged like a runaway wild horse, reaching a high of $124,545 by Thursday morning. However, the good times didn't last long, as it soon began to retreat. The market experienced significant fluctuations, creating lucrative profit opportunities for traders. Experienced traders built a position to go long around $120,547 and took profits at $121,748, gaining 1,201 points. Immediately after, they got on board again at $122,314, and when the price rose to $123,460, they exited, capturing another 1,146 points.

From a technical perspective, the Bitcoin daily chart shows a large bullish candle, which has dropped from the upper Bollinger Band to the middle band, but has not yet broken below it. This indicates that most of the recent gains have been retraced, with a considerable pullback. In terms of technical indicators, the MACD is about to form a death cross and is close to the zero axis, suggesting that the downtrend may continue. The RSI indicator has also shown signs of a death cross, with bullish momentum continuing to weaken, indicating that bearish forces are dominating the market.

Based on the current market situation, it is advised for investors to remain cautious and consider going short on Bitcoin in the range of $117600-$118000, with a target price around $116500. For Ethereum, opportunities to go short can be sought in the range of $4530-$4560, with a target price around $4470.

It is worth noting that the cryptocurrency market experiences significant fluctuations, with risks and opportunities coexisting. Investors should operate cautiously, implement risk management effectively, and set reasonable stop-loss levels to ensure the safety of their funds. At the same time, continuously monitoring market dynamics and fundamental news, and adjusting trading strategies in a timely manner, are essential to seize opportunities and achieve stable returns in this challenging market.