Recently, the Bitcoin market has experienced significant volatility. Due to the U.S. Producer Price Index ( PPI ) data exceeding expectations, as well as the market's cooling expectations for Federal Reserve interest rate cuts, the price of Bitcoin has seen a pullback.

After reaching a historical high of $124,500, Bitcoin has faced a wave of selling pressure. Market analysts point out that if Bitcoin can hold the support range of $117,300 to $117,900, a rebound may occur, potentially challenging the high range of $123,200 to $126,200 again.

However, if the Bitcoin price breaks below the key support level of $117,300, it may further dip to around $115,850. This potential downside risk has drawn the attention of investors.

Currently, the cryptocurrency market is closely watching macroeconomic indicators and central bank policy trends. US inflation data and the Federal Reserve's monetary policy stance have had a significant impact on Bitcoin price movements. Market participants need to continuously monitor these factors in order to better seize investment opportunities and avoid risks.

Despite potential fluctuations in the short term, many analysts remain optimistic about the long-term prospects of Bitcoin. They believe that with the continued entry of institutional investors and the mainstreaming of cryptocurrency, Bitcoin still has room for growth. However, investors should also be wary of the high volatility of the market and manage risks appropriately.