The Bitcoin market has recently shown a fluctuating trend, and investors should closely follow the key price level of $117,340. If the price can hold this level, we may see a rebound in the 4-hour timeframe. In this case, the important resistance levels are located near $117,870, $119,135, and $120,485.

However, if the Bitcoin price falls below the $117,340 support level, it will mean a failure of the short-term rebound, and the market may further explore downwards. In this bearish scenario, investors need to closely follow the support levels around $116,730, $115,850, and $114,500.

It is worth noting that the latest released U.S. Producer Price Index (PPI) for July has a year-on-year rate that is higher than expected, which may have some impact on the cryptocurrency market. At the same time, we observe that Chinese investors are increasingly following the Indonesian market, reflecting changes in the global investment landscape.

The current cryptocurrency market is overall showing a rebound trend, and investors should remain cautious, closely following market movements and macroeconomic indicators. When making investment decisions, it is recommended to comprehensively consider technical analysis, fundamental factors, and the global economic situation in order to formulate appropriate trading strategies.