Bitcoin experienced a brief pump this evening but quickly retraced. This price rise seems to have been triggered by certain market news, but it failed to sustain. Although the volume increased, it ultimately formed a Candlestick with a long upper wick, exposing the selling pressure in the market.

Despite Bitcoin briefly breaking through the moving average, the bullish forces seem to be losing momentum. The red bars of the MACD technical indicator continue to shrink, indicating that the pump momentum is weakening, and market sentiment is gradually retreating.

From the current market situation, if the price reaches around $117,000, it may face downward pressure. In the short term, the price may first test the support level of $115,000. If this support level is broken, the next target price may be below $114,000. Investors should closely monitor market trends and adjust their strategies in a timely manner according to market changes.

It is worth noting that some noteworthy events have recently emerged in the market, such as the increase in holdings by Ethereum whales, discussions regarding the new chairman candidate of the Federal Reserve, and IPOs of cryptocurrency-related companies. These factors may have potential impacts on the market, and investors should remain vigilant and consider various aspects when making decisions.

Overall, the current Bitcoin market is still full of uncertainty. Investors need to remain calm, closely monitor various technical indicators and market news, manage risks effectively, and operate cautiously.