The Bitcoin market has recently shown intense price fluctuations, providing ample opportunities for short-term traders. Recently, the Bitcoin price formed an important support level around 117,200, followed by a rise of 1,000 points. This trend has sparked discussions in the market about the possibility of further increases.

From a technical perspective, Bitcoin is expected to continue its upward rise, potentially reaching a target price of 118,600, and may even have a chance to approach 119,700. However, there are frequent baiting actions in the market, which create opportunities for experienced traders while also posing challenges for newcomers.

On Thursday, the price of Bitcoin sharply fell after a false breakout of the previous high point at 124,000, providing a good entry point for bears. On Friday, when the price falsely broke the previous low point at 117,200 and touched 116,800, it brought a rebound opportunity for bulls. Such rapid price fluctuations often lead to consecutive losses for inexperienced traders.

For traders who grasp these fluctuations, going long on the rebound at the two bottom positions of 117,200 and 116,800 has already yielded good profits. The first trade has been closed with a profit at 118,600, while the second trade is still in profit.

In this high fluctuation market environment, it is important to continuously assess the market situation and seek new trading opportunities. At the same time, traders need to remain vigilant, control risks, and avoid being influenced by the rapid fluctuations of the market.