The current rebound of Bitcoin remains weak. The intraday rebound pressure is still focused on the 119700-120800 range. At a minimum, it needs to break through this range for the market to have a chance for a second rally, with the upper target pressure looking at 122000-124000.

If the rebound does not break the 119700-120800 range pressure, the market will still look for a correction, with the lower target support at 117000-115800. Long positions can be monitored near the second and third support levels.