Bitcoin has recently shown exceptionally strong performance, breaking through the key resistance level of $117,000 and demonstrating a sustained upward momentum. The market generally expects that Bitcoin may soon challenge the important psychological level of $120,000.

The current rise began near the support level of $108,000, and has already increased by more than $10,000 in a short period of time. It is worth noting that there have been almost no significant pullbacks during the entire upward movement, which is very similar to a liquidation-style pump.

Investors are now focusing on the $120,000 level, closely monitoring the market's reaction at this level. Many analysts believe that if Bitcoin can successfully break through $120,000, it may initiate a new pump. However, there are also voices reminding that after such a rapid rise, the market may experience a correction.

From a technical perspective, Bitcoin is currently in the overbought zone and may face some pullback pressure in the short term. However, from a medium to long-term view, the fundamentals of Bitcoin remain strong, with continuous entry from institutional investors providing strong support.

Regardless, the current Bitcoin market is at a critical moment. Investors need to closely monitor market movements around the $120,000 resistance level, as this may determine the direction of Bitcoin's trend in the short term. At the same time, be cautious of potential pullback risks and ensure proper risk management.