#BTC Key Point: In the short term, it may rise to $112,000, but in the long term, it might drop to the low $60,000s.
From a technical perspective, the weekly level around $110k is the upper band of the Bollinger Bands. Currently, the Bollinger Bands show no signs of narrowing or squeezing, so the possibility of moving upward from here is low. On the daily level, we are currently following a channel. Although the upper edge has been broken, combined with other analyses, it is likely a false breakout; however, short-term liquidity has not been fully swept yet.
Currently, the price has support at the orange dotted line, which significantly affects the 4-8 hour trend. The key point to watch is the $110,500 level—after three attempts, it has not broken through, and the three touch points are particularly aligned, indicating that there are many unfilled orders above $110,500 that will attract the price towards this level.
In terms of news, the beautiful bill was passed at a relatively high price, but it has little impact on the market. Generally speaking, when good news comes out and the market does not react, it is basically at a top. It's like when tariffs were raised to 120%, and it ended up being the bottom at $74,000.
