The recent price movement of Bitcoin has attracted attention. From the hourly chart, it can be seen that the price of Bitcoin has fallen back to the previous low point of $110,712 and is showing a steady rise trend. Currently, the market is in a consolidation phase, with a clear long positions trend, which has accumulated sufficient momentum for future breakthroughs.

Analysis shows that Bitcoin price is likely to continue to rise. Investors can follow the support levels around $111,000 and $110,000. If it can effectively break through these key price levels, Bitcoin is likely to target $112,000 or even $113,300.

However, investors must remember that the cryptocurrency market is highly volatile, with high risks and high rewards coexisting. When participating in trading, it is advisable to strictly implement stop-loss strategies and manage risks effectively. Furthermore, investment decisions should be based on comprehensive market research and personal risk tolerance, and one should not blindly follow trends.

Overall, the current technical indicators for Bitcoin show positive signals, but there is still uncertainty in the market direction. Investors should remain vigilant, follow market dynamics, and adjust strategies in a timely manner.