Recently, there have been some interesting developments in the Bitcoin market. The price began to rebound after reaching the 12-hour EMA52 line, and is currently oscillating around $117,400. This position happens to be a resistance level at the 1-4 hour level in the short term, and is also close to the lower boundary of the trading range.

Market participants are closely watching this key level. If the price can break through the current resistance, it is likely to activate a 12-hour level Rebound, which may provide an opportunity to challenge new highs.

It is worth noting that there are views suggesting that the recent price decline is mainly caused by the selling of ancient whales. However, this perspective may oversimplify the complexity of the market. In fact, price adjustments are a part of the market's natural cycle, and the behavior of whales may only have accelerated this process. It cannot be ruled out that some large institutions may be positioning themselves in different directions simultaneously to balance risk and profit.

From a technical perspective, the main resistance levels on the daily chart are at 120,000, 131,700, and 150,000 dollars, while the support levels are at 114,910, 113,600, 111,265, and 101,510 dollars. These key price levels will impact market trends in the short term.

Overall, the Bitcoin market remains full of opportunities and challenges. Investors should stay vigilant and closely monitor changes in technical indicators and market sentiment, while also recognizing that in this highly speculative market, price trends often lead news events. It is crucial to consider multiple factors comprehensively when making investment decisions.