The Bitcoin market displayed fluctuations and pullback trends today. Data shows that around 1 AM today, the price of Bitcoin was approximately $117,735, with a 24-hour fall of 1.23% and an intraday fluctuation of 1.75%. The highest price of the day reached $119,800, with a 24-hour volume of $63.34 billion and a trading volume of about 530,000 coins.

From a technical analysis perspective, on the daily chart, Bitcoin formed a small bearish candle with a long lower shadow yesterday, and is currently seeking support in the $117,000-$118,000 range. The four-hour time frame shows that Bitcoin is experiencing slight fluctuations, facing resistance in the $118,000-$119,000 range. Market participants need to closely monitor whether the key support level of $116,000 can hold; if it breaks, it may trigger further downward movement.

Looking ahead, Citibank's latest research report holds an optimistic view on the prospects of Bitcoin. The report predicts that by the end of 2025, the price of Bitcoin is expected to rise to $135,000. This optimistic expectation is primarily based on several factors: strong demand for spot Bitcoin ETFs in the United States, steady improvement in user adoption rates, and the gradual improvement of the global macroeconomic environment.

However, Citigroup has also raised the possibility of a pessimistic scenario. If the regulatory environment for cryptocurrencies deteriorates or global economic instability intensifies, the price of Bitcoin could fall to around $64,000. This highlights the inherent uncertainty and risks in the cryptocurrency market.

It is worth emphasizing that the Bitcoin market still has high volatility and lacks a comprehensive and effective regulatory framework. Investors should fully recognize the huge risks involved when participating in such markets, make prudent decisions, and invest rationally. The information provided in this article is for reference only and should not be considered as specific investment advice or decision-making basis.