Recently, the Bitcoin market has shown some volatility. For two consecutive weeks, the BTC price has consolidated in the range of $115,700 to $121,000. Although there was a turnaround in ETF inflows after 12 days of continuous growth, there was an outflow of $130 million this week. However, July still recorded an overall increase of 11%, indicating that the bull run is not yet over.

Currently, the market's focus is concentrated on the key support level of $117,500. According to CoinGlass data, this price point is a highly concentrated area of liquidity, with a large number of stop-loss orders and leverage positions. If the price falls below this level, it could trigger forced liquidations, leading to increased market volatility. Conversely, if this support can be maintained, it is very likely to trigger a new round of upward movement.

From a technical perspective, the trend of the 3-week Stochastic RSI indicator is highly similar to the bull run cycle from 2015 to 2017. The current market seems to be in a period of consolidation after the third phase, and if it can enter the explosive phase of the fourth stage, it is expected to create new historical highs.

It is noteworthy that market funds are spreading to other cryptocurrencies. As altcoins begin to follow Bitcoin's rise, signals of Altseason have emerged. This is not a market bubble, but may be a precursor to the next wave of a full-scale bull run.

Overall, the support level of $117,500 will be key in determining the short-term market direction. If this level can be held, the bull run is expected to enter its strongest phase; if it breaks below, the risk may significantly increase in the short term. Investors need to closely monitor this key price point and be prepared for potential market changes.