Recently, the price of Bitcoin has fluctuated around $119,640. Although there has been a short-term correction, the overall bullish trend continues. The moving averages across various time frames are well aligned, the short-term MACD indicator shows a golden cross pattern recovery, and the RSI indicator is in a neutral to strong state.

Currently, the price of Bitcoin is consolidating within the range of $119,200–$119,800. If it can break through the upper boundary of this consolidation area, it is expected to challenge the short-term resistance level of $120,800–$122,000.

From the technical analysis of multiple time periods, the 15-minute chart shows that the price is warming up and approaching the upper band, with short-term buying gradually entering; the 1-hour chart presents a slightly strong structure; the 4-hour chart shows that the MACD environment has turned from negative to positive and is forming a converging upward trend; on the daily chart, the price is still firmly holding near the previous high support; the weekly chart shows that the long-term trend is solid, with bulls in a dominant position.

In terms of technical indicators, the MACD has consistently shown a golden cross pattern in the short cycle, and the golden cross situation from the 1-hour to weekly cycle is still being maintained, indicating a favorable momentum shift. The RSI indicator remains strong across multiple time frames, suggesting stable buying sentiment. The moving average system presents a good bullish arrangement, especially in the medium to long term where the moving averages are opening upwards, reflecting a healthy trend structure. In terms of trading volume, although there is a slight contraction in volume during short-term pullbacks, it rises again when breaking out of the consolidation range, indicating that there is continuous capital following the structure.

In terms of the macro market, it is noteworthy that institutional funds have recently preferred Ethereum ETFs, with ETH-related funds showing net inflows for several consecutive days, with a single-day inflow even exceeding $330 million, significantly outpacing Bitcoin ETFs, indicating a clear sign of capital rotation.

Some market analysts believe that if Bitcoin can hold the support level of $110,000–$112,000 and maintain a continuous inflow of funds, it is expected to challenge the target price of $130,000 in the future.

Overall, despite facing some fluctuations in the short term, the overall trend of Bitcoin remains optimistic. Investors should closely monitor the performance of key support levels and the changes in institutional capital flows, as these factors will have a significant impact on future price movements. At the same time, it is important to be aware of the high volatility of the cryptocurrency market, and proper risk management is crucial.