The Bitcoin market is at a critical decision moment after experiencing nearly two weeks of narrow fluctuations. Since breaking through the high of 123300, the price has touched the 121000 level twice but has failed to break through, indicating the market's hesitance. On the technical side, the MACD indicator has crossed below the zero line, with the fast and slow lines in a crossing state, suggesting that there may be pressure for directional choice in the short term.

However, if the 116,000 support level holds firm, we may see a wave of upward breakout. However, from the indicator analysis, we cannot rule out a false breakout followed by a strong surge.

On the Ethereum front, the recent pullback actually had signs long ago. Although the decline is relatively mild, it has triggered a drop of about 10% to 20% in some altcoins. This pullback may be just the entry opportunity that investors have been eagerly anticipating.

At the same time, the global macroeconomic situation is quietly changing. The gold market has once again seen false breakouts, and the high-level fluctuations have increased risks. After a short-term rebound, the US dollar index continued to decline, with the offshore RMB exchange rate falling to 7.15, indicating a complex international financial landscape. This series of changes is also affecting the A-share market, driving it to break through the 3600-point barrier.

Bitcoin is currently adjusting within the range of 116000 to 121000, a process that has lasted for nearly a week. Technical indicators show that the EMA60 and EMA90 on the 1-hour chart are basically parallel, reflecting a balance of buying and selling power in the short term. On the daily chart, the MACD indicator has been running below the zero line for four consecutive days, with the fast and slow lines crossing, while the RSI indicator continues to turn downward, forming a divergence with the candlestick chart.

The changes in these technical indicators signify that the Bitcoin market may be approaching an important turning point. Investors should closely monitor market trends, manage risks effectively, and also be wary of potential false breakouts or false breakdowns. In this uncertain market environment, it is especially important to remain calm and rational.