The Bitcoin market has recently shown a positive rising trend, with multiple technical indicators signaling optimism. On the daily chart, Bitcoin prices steadily climb along the moving averages, with the 7-day, 14-day, and 30-day MAs exhibiting a long positions arrangement, providing solid support for the upward trend. In terms of trading volume, there has been a moderate increase recently, reflecting a growing willingness among investors to get on board, with a stable influx of capital. The MACD technical indicator has formed a golden cross pattern above the zero line, and the histogram continues to expand, with no signs of a top divergence yet, indicating that upward momentum remains strong.

In the short term, the 4-hour chart shows that an important support level has formed around $118,500, which can serve as a defensive point for short-term long positions. Day traders should focus on the support range of $119,000-$118,000, which includes the pullback confirmation point and the 5-day MA. If it stabilizes and bounces back in this range, low absorption strategies can be considered. The first resistance above to pay attention to is $120,500, and after breaking through, the next target looks towards $121,500. If these pressure levels can be broken with increased trading volume, it is expected to accelerate the continuation of the rise trend.

Comprehensive analysis shows that Bitcoin's current technical indicators present a healthy rise pattern, and market sentiment is positive. If this momentum can be maintained, a breakthrough of the previous high is just around the corner. Based on the current technical trend, the potential target price for this rise may point towards around $135,000. However, investors still need to closely monitor market changes and manage risks appropriately.