Bitcoin ( BTC ) has recently performed remarkably, with the price rising to $123,316, demonstrating strong upward momentum. Market sentiment is generally optimistic, but investors should remain vigilant to guard against short-term pullback risks.

From a technical perspective, BTC has broken through the upper Bollinger Band, reflecting strong buying power. However, the Relative Strength Index ( RSI ) has reached 72.22, approaching the overbought zone, which may indicate adjustment pressure in the short term.

It is worth noting that several key support levels have formed: $118,154.3, $118,209.2, and $118,829.0. These price levels create a dense support area, and if the price pulls back to this range, it is likely to attract new buying interest.

In terms of moving averages, the current price is above the 20-day and 50-day exponential moving averages (EMA), confirming the stability of the short to medium-term rising trend. At the same time, the MACD indicator also shows strong upward momentum, with the MACD line (1115.51) significantly above the signal line (864.18), and the histogram remains positive (251.33).

Although there is currently no clear resistance level data, investors should closely monitor the important psychological level of $124,000. If this position can be effectively broken, it may trigger a new round of buying frenzy.

For potential trading opportunities, considering the current overbought state, investors can focus on the support response in the range of 118154.3 to 118209.2 USD. If a pullback occurs to this area, it may create a good buying opportunity. On the other hand, if BTC can break through 124000 USD, it may also bring new pump space.

Overall, Bitcoin is currently in a strong rise phase, but investors need to balance optimism with potential risks. Closely monitoring the performance of key support and resistance levels, and wisely seizing trading opportunities, will be a prudent strategy in the short term.