After experiencing a strong rise for eight days, the price of Bitcoin reached a high of $126,000. Subsequently, the price saw a normal pullback, which also gave various technical indicators a chance to recover. Yesterday, the price of Bitcoin dropped to $120,600, but then formed a small rising channel on the 15-minute chart, showing a slight rebound.

Currently, investors need to closely monitor the key price level of $123,400, as this is not only a horizontal resistance level but also a convergence point of trendline pressure.

If the Bitcoin price continues to fall after reaching this level, it likely means that the small rebound in this downtrend has ended, and the next downside target may be around $120,000. The probability of this scenario occurring is relatively high.

Another possibility is that if the price consolidates at this level in a "waiting for a fall" manner, it may continue to rise subsequently. However, the probability of this scenario occurring is relatively low.

Overall, the current trend of Bitcoin is still healthy, and the current pullback is a normal phenomenon. In the long run, the market remains bullish, and it is expected that the Bitcoin price may find a new high between $130,000 and $160,000.

As an investor, it is very important to remain calm and rational in this market environment. Although there may be fluctuations in the short term, the long-term outlook for Bitcoin remains optimistic. At the same time, it is essential to remember the high risks of the cryptocurrency market, and to invest cautiously while managing risks effectively.