Today, the cryptocurrency market has achieved a significant breakthrough, with the price of Bitcoin soaring to a new high of $124,000. Behind this remarkable surge, multiple factors are jointly driving the momentum. First, the market's warming expectations regarding a possible interest rate cut by the Federal Reserve have created a favorable environment for risk assets. Second, institutional investors are continuously increasing their allocations to Bitcoin, injecting substantial capital. In addition, a series of favorable policy signals have also instilled confidence in the market.

From a technical perspective, the current short-term support range for Bitcoin is between $120,000 and $121,000. If it can break through the resistance level of $125,000 to $126,500, Bitcoin is likely to continue upwards and challenge the key psychological level of $130,000.

For investors, the range of $120,000 to $121,000 is a noteworthy entry opportunity. If Bitcoin pulls back to this area and stabilizes, gradual accumulation can be considered. If a deep pullback occurs, a staggered buying strategy may be more prudent, while setting a target price of $122,000 to $124,000.

Notably, if Bitcoin can firmly establish itself above $122,700 and break through $125,000 with increased volume, it may indicate further upside potential in the short term. In this scenario, aggressive investors could consider chasing the rally, setting target price levels in the range of $126,500 to $130,000.

Currently, the key price level for short-term operations in the market is around $122,809, with a target price set at $123,752, while the stop-loss level is set around $121,000 to control risk.

However, investors should keep in mind that the cryptocurrency market is highly volatile, with high risks and high returns coexisting. Before making any investment decisions, it is essential to fully assess one's risk tolerance and conduct a comprehensive market analysis.