As an investor, I have recently felt somewhat disappointed with the performance of Bitcoin ( BTC ). In contrast, Ethereum provides numerous trading opportunities every day, and its activity is impressive. Considering Bitcoin's current low fluctuation, I tend to trade within a larger price range.

Currently, I am still holding a short position, closely monitoring the direction of the trend line, while also considering appropriate cost protection. For potential long opportunities, 115200 is my preferred entry point, followed by 116500, but the latter requires more caution.

It is worth noting that Bitcoin is facing dual pressure from the downward trend line and strong resistance in the range of 120500-120900. Only by breaking through these key positions could we potentially see new highs.

From a more macro perspective, the implied volatility of Bitcoin (BVIV) has fallen to a low range for 2023. This indicator reflects the market's expectations for future price fluctuations. Only when the BVIV rises above 45 again can we expect a significant trend in the market.

As a trader, it is crucial to flexibly adjust strategies in this market environment. Although Bitcoin is currently performing flat, closely monitoring market indicators and key price levels may still reveal potential investment opportunities. At the same time, it may also be worthwhile to focus on other more active cryptocurrencies, such as Ethereum, to seek more trading opportunities.