Recently, the Bitcoin market has experienced changes that have attracted the attention of investors. On August 18, the price of Bitcoin fell below the 50-day moving average (115,702 USD), which triggered tension in the market. However, it is worth noting that the price of Bitcoin found support at the neckline of the head and shoulders pattern, temporarily avoiding a larger decline and providing the market with a brief opportunity to catch its breath.

Currently, the market is focusing on the key resistance level of $118,575. If Bitcoin can break through this level, there is hope for a push towards $120,000, and even a chance to challenge the historical high of $124,474. This potential upward space undoubtedly brings hope to bullish investors.

However, the market is not entirely optimistic. Technical indicators show that the Relative Strength Index (RSI) has diverged, which is typically interpreted as a signal that upward momentum is weakening. This warning should not be ignored.

If the Bitcoin price cannot hold the neckline support, it may quickly fall to $110,600. What’s more concerning is that if this support level is also breached, market panic may be ignited, and the Bitcoin price could further dip to $105,000, or even fall to the $100,000 round number.

In summary, the current Bitcoin market is at a critical turning point. $118,575 has become an important level determining the short-term trend. If this resistance level is broken, it will reignite the market's hope of reaching new highs; conversely, if it falls below the neckline support, it may open a downward channel, heading straight for the $100,000 mark.

Investors should closely monitor the changes at this critical level and adjust their investment strategies in a timely manner based on market trends. Whether it is a breakthrough or a fall, significant market fluctuations may occur, requiring investors to remain vigilant and approach the situation rationally.