7.16 Bitcoin Latest Market Analysis The current price of Bitcoin is 117600. Currently, BTC is showing characteristics of a pullback after a high-level fluctuation. The power between the bulls and bears is relatively balanced, and the market volatility has decreased. Therefore, in the short term, the overall market is weak. Although the bearish momentum has weakened, there has not yet been a clear reversal signal. The price may continue to fluctuate within the range of 116000 to 118000. It is crucial to pay attention to the effectiveness of the support around 116000 below and the breakthrough of the resistance at 118000 above. Lastly, Liying suggests that if the price finds support around 115300, one can attempt to layout a Light Position, with the initial target looking towards the resistance level around 118000. However, a quick stop loss should be set below the support level to avoid further downside risk. If the price breaks through the 118000 resistance with increased Trading Volume, it may confirm a short-term reversal, and one can consider gradually increasing the position, targeting around 120000. Conversely, if the price falls below the 115300 support level, it is advisable to remain cautious and wait for the market to stabilize or for new signals before taking action.