The recent market trend of Bitcoin has shown a high-level fluctuation. After reaching a high point of $114,800, the price experienced a pullback and subsequently entered a consolidation phase.

From the hourly Bollinger Band analysis, the current market has entered a contraction phase. The upper band shows downward pressure, while the middle and lower bands are moving upward in sync, forming a stepped support structure. The distance between the Bollinger Band tracks is continuously narrowing, which directly restricts the price fluctuation space in the short term.

It is worth noting that the Bitcoin price has pulled back from the upper band to the middle band area, which does not mean that the bullish momentum is exhausted. On the contrary, this may be the market pausing its offensive and building up strength in preparation for the upcoming new round of increases.

For investors, attention can be focused on buying opportunities in the range of $112,800 to $113,300, with upside targets expected in the range of $114,500 to $115,200. However, investors should keep in mind that the cryptocurrency market carries high risks, and it is essential to manage risks properly.

At the same time, other crypto assets such as Ethereum (ETH) and Solana (SOL) are also worth paying attention to. In addition, the price of spot gold has reached an all-time high, which may have some impact on the overall financial market. Investors should also closely monitor the moves of large holders (whales), as their actions often guide market trends.

Overall, the current Bitcoin market is in a consolidation phase, and the convergence of the Bollinger Bands indicates that a significant price movement may be imminent. Whether bullish or bearish, it is essential to remain vigilant and be prepared to respond to sudden changes in the market.