Bitcoin has been performing strongly recently, continuously reaching new highs. Last Friday, the price of Bitcoin once touched a high of $117,500, followed by a pullback. Nevertheless, the overall trend still maintains a rise, but the characteristics of alternating strength and weakness are also quite evident.

Currently, the price of Bitcoin is showing a sideways consolidation at a high level. It is expected that the market may continue to maintain a volatile consolidation state during the weekend. From the hourly technical perspective, the bullish trend still dominates. The $116,000 level has been effectively supported, providing a good foundation for subsequent rises.

For investors, it is advisable to consider positioning long orders during pullbacks at this stage. In the short term, Bitcoin prices are expected to find support in the range of $116,500 to $117,000, and if this range is broken, the next target price could be around $119,000 to $120,000.

Meanwhile, Ethereum is also showing a positive trend. Currently, the price of Ethereum is looking for support in the range of $2,920 to $2,950. If it can break through this range, the next target price may be around $3,100 to $3,150.

Overall, the cryptocurrency market is currently at a critical moment. Bitcoin's strong performance has injected confidence into the entire market, while Ethereum is also gearing up. However, investors still need to remain cautious, closely monitor market trends, and manage risks appropriately.