Recently, the Bitcoin market has seen increased volatility, with the current trading price around $115,970, fluctuating within the range of $115,000 to $116,000. Although there has been a slight pullback in the short term, support still exists. Multi-period indicators show that the overall market presents a bullish trend, but it has not yet fully strengthened.

Technical analysis shows that on the 15-minute chart, the moving averages are in a bullish arrangement but are tending to flatten, with upward pressure gradually emerging. On the 1-hour chart, the price is oscillating above significant moving averages, but the momentum has weakened. The 4-hour chart has formed a mid-term bullish arrangement, with a pullback after breaking through previous resistance. The daily chart shows the price above the major moving averages, indicating clear long-term support. The weekly chart indicates that the long-term bullish trend has not yet been broken.

The MACD indicator shows a bullish crossover in the short term, but the strength is limited. Although the RSI indicator is slightly high in the short term, it has not entered the extreme overbought zone. The moving average system indicates that a preliminary bullish arrangement in the medium to short term has been established, but the upper resistance zone still needs to be broken through. In terms of trading volume, the recent upward phase has been accompanied by an increase in trading volume, and there has been no abnormal rapid reduction in volume during the retracement phase, suggesting that selling pressure has not become excessively concentrated.

On a macro level, institutional funds have shown an increased bullish sentiment towards Bitcoin, with significant net inflows in the single-day spot Bitcoin ETF. However, U.S. inflation data slightly exceeded expectations, which may have some impact on the market. Nevertheless, the market generally anticipates that the Federal Reserve will initiate a rate-cutting cycle in the near future, which could create a favorable environment for risk assets like Bitcoin.

Overall, Bitcoin is currently in a key range of fluctuations. Although several indicators show a bullish trend, market participants still need to closely monitor whether the upper resistance can be effectively broken, while also being wary of potential pullback risks. In this complex market environment, investors should remain cautious and closely watch technical indicators and macroeconomic changes to make informed investment decisions.