Recently, Bitcoin price has reached a new high, breaking through the $120,000 mark, attracting widespread follow in the market. By analyzing the current market structure in depth, we can better understand the significance of this breakthrough and its potential future trends.

From the perspective of chip structure, $117,000 has become a new support level. The price returning to this range verifies the position of the $112,000 to $116,000 range as an important turnover zone, providing a solid foundation for subsequent rises. This trend also confirms the previously predicted market path of "support turning into resistance above."

Currently, the market's focus has shifted to the key resistance level of $125,000. If it can effectively break through and hold this level, the price of Bitcoin is expected to further rise to $137,000. However, investors also need to be wary of potential pullback risks. If the price fails to break through $125,000, it may fall back to the support level of $117,000, testing the market's ability to absorb.

For short-term investors, closely following the $125,000 breakout is crucial. If this level is broken with significant trading volume, one may consider holding positions, aiming for $137,000. However, risk management is also important; if a false breakout occurs and the price falls below $120,000, one should be wary of a potential deep correction.

In the medium term, Bitcoin is still expected to maintain a stair-step upward trend, but this process will inevitably be accompanied by significant price fluctuations. Investors should bear in mind that during a bull market, every pullback may be the starting point of a new round of increases. As long as the key support levels are not effectively broken, the overall upward trend will not change.

As the price of Bitcoin approaches $125,000, the market is about to welcome a new showdown. Whether investors or observers, everyone should remain vigilant, closely follow market trends, and prepare for various possibilities.