The Bitcoin market has recently attracted follow again, with the price breaking through $120,000 followed by a brief pullback, currently fluctuating within the range of $108,000 to $109,000. Analysts generally believe that Bitcoin still has pump potential in the short term, with the next target price possibly being $130,000.

From a technical perspective, the 4-hour chart shows that Bitcoin is consolidating within a triangular structure. Although there have been multiple attempts to break through the resistance level of $109,600, the bulls have successfully defended the support level of $108,200. The Relative Strength Index (RSI) shows signs of decline but remains in a neutral range at 53.8, indicating that the upward momentum has not completely dissipated. As long as the price does not fall below $107,200, the short-term trend remains bullish, and once it breaks through $110,000, it is expected to directly surge towards $130,000.

There are three main factors supporting this bullish view: First, institutional funds continue to flow in on a large scale. In June, spot Bitcoin ETFs attracted over $4 billion in funds, while large institutional investors like MicroStrategy are still increasing their positions, providing strong liquidity support for the market. Second, the policy environment is gradually improving. The United States is reviewing several cryptocurrency-related bills, and if the stablecoin regulation and the GENIUS Act are passed, it will provide Bitcoin with a clearer regulatory framework, which is expected to boost market confidence. Finally, from a technical analysis perspective, the Bollinger Bands on the daily chart are narrowing, and various momentum indicators are in a neutral state. Once it breaks through $109,000, bullish momentum may be quickly released, forming a typical "breakout-pullback-rebound" trend.

However, investors should also be wary of potential pullback risks. Recently, the spot premium index has declined, while long positions in the futures market have increased, which may suggest that some American investors are reducing their holdings at high levels. In addition, if trade negotiations or macroeconomic conditions change (for example, the upcoming tariff negotiations on August 1), the price of Bitcoin may pull back to the range of $90,000 to $100,000. Therefore, short-term investors should set appropriate stop-loss levels to guard against unforeseen circumstances.

Overall, the Bitcoin market is currently at a critical moment. Although there is still room for rise in the short term, investors should remain vigilant and closely follow market trends and changes in external factors, adjusting their investment strategies in a timely manner.