Bitcoin has recently rebounded strongly, once again crossing the important psychological level of 120,000 yuan, sparking heated discussions in the market. This trend is attributed to an improved macroeconomic environment and optimistic expectations for the approval of cryptocurrency ETFs. From a technical perspective, after breaking through key resistance levels, Bitcoin's upward momentum is strong, but trading volume has not significantly increased, indicating that some investors remain cautious. In the short term, caution should be exercised regarding the risk of a pullback. Investors should pay attention to stability above 120,000 and the flow of market funds, and plan entry timing wisely to avoid potential losses from chasing highs.