The recent trend of Bitcoin is noteworthy, with multiple technical indicators suggesting a possible significant breakthrough.

From the four-hour chart, the market seems to be waiting for a pullback. The area around $11,480 could become a key support level, and if it can break through the short-term moving average, it will provide favorable conditions for bulls. In the short term, prices are expected to advance towards the $11,900 to $12,000 range.

However, from a more macro perspective, we may be witnessing the formation of a head and shoulders bottom pattern. The left shoulder is at $10,800, the head is at $10,700, and the right shoulder is around $10,900. The neckline is approximately at $11,300. It is worth noting that the current level of $11,300 may become the new right shoulder position.

Interestingly, whether analyzed from the perspective of the head and shoulders bottom or the cup and handle pattern, both technical formations point to a similar breakout point—around $11,700. This consistency enhances the credibility of this level as a key resistance point.

Currently, market participants are closely watching the next move of Bitcoin. A breakthrough of $11,700 could trigger a new round of increases, while a failure may lead to a pullback to support levels. Investors should remain vigilant and pay attention to changes in trading volume and other market indicators to better grasp potential trend changes.

Overall, the Bitcoin market is at a critical technical position, and the future trend could have a significant impact on the medium-term trend. Whether it breaks out or pulls back, it could present important opportunities and challenges for traders.