Today, the Bitcoin market is showing a fluctuating trend, with frequent price fluctuations. For traders, this market environment presents opportunities for both long and short positions.

Specifically, if the Bitcoin price falls back to the range of $116,500 to $117,000, consideration can be given to going long, with target price levels between $117,700 and $119,000.

On the contrary, if Bitcoin rebounds to the range of $118,200 to $118,700, a short position can be considered, with a target price between $116,800 and $116,000.

It is worth noting that the recent CPI data is about to be released, which may have a certain impact on the cryptocurrency market. At the same time, market participants are closely watching whether altcoin prices are about to enter a bullish season.

In the current market environment, investors should remain vigilant, closely monitor market trends, and manage risks appropriately. Regardless of the trading strategy chosen, a detailed trading plan should be developed based on one's risk tolerance and investment objectives.