In the early hours of today, the Bitcoin market showed a relatively stable trend. Prices fluctuated slightly within the range of $118,000 to $119,000, indicating that the market is seeking a new balance point.

Technical analysis shows that the convergence of the Bollinger Bands indicates that market fluctuations may weaken in the short term. Currently, the Bitcoin price is below the middle band of the Bollinger Bands, which suggests that sellers still maintain a certain advantage. However, it is worth noting that the momentum of the price decline has started to slow down, which may indicate that both bulls and bears are reasserting their dominance in the market.

For traders, the current market conditions present a potential entry opportunity. Within the range of $117,500 to $118,000, small-scale long positions can be considered. If the market performs well, the target price can be set between $119,500 and $122,000.

However, investors should keep in mind that the cryptocurrency market is characterized by high Fluctuation, and any trading decision should be based on comprehensive market analysis and individual risk tolerance. Closely monitoring market trends and timely adjusting strategies will be a wise move to cope with the current market environment.