Family, good evening! Brother Long is here to chat about the Bitcoin market! Current price is $113,812, down 0.45% in the last 24 hours, with a low of $112,722, quite a movement.

The technical outlook is not very optimistic, as Bitcoin has fallen below the 200-day moving average of $114,855, and it couldn't hold the Fibonacci support either, clearly turning bearish in the short term. In the last 24 hours, the entire network has seen liquidations of $950 million, with long positions making up 90%, and leveraged long traders have been severely wiped out.

If it can't hold above $112,850, it may accelerate down towards $110,000, or even test $108,888. Although the RSI has dropped below 30 indicating oversold conditions (ETH's RSI is only 22), there are signs of a rebound, but the MACD green bars are still expanding, indicating that bearish momentum hasn't eased, so the rebound will depend on volume.

Trend prediction: In the short term, there is a high probability of bearish fluctuations this week, focusing on the support at $112,850; if it breaks, we look at $110,000. In the medium term of 1-3 months, if the Federal Reserve cuts interest rates in September, it could rebound to $120,000-$125,000.

Tonight's trading suggestion: Short near $113,800-$114,300 on a rebound, targeting $113,000-$112,700. If tonight's PCE data exceeds expectations, it may trigger a second drop, then we will look at $111,900. Everyone, please pay attention! #BTC