Since the end of July, Bitcoin has retreated from around $118,000, primarily influenced by recession concerns triggered by U.S. economic data (such as employment reports), expectations of Mt. Gox creditor sell-offs, and technical pullback pressure. Analysis on July 31 showed that Bitcoin was stuck in a tug-of-war around $116,000, and after breaking below $115,000, it further declined, reaching a high of around $113,300 and a low of $111,850 today, continuing the bearish dominant trend.

From a technical perspective: the Bollinger Bands on the four-hour cycle have widened, the price has broken below the middle band and is continuing to decline, with short-term moving averages (EMA, RSI) showing a bearish arrangement, and the KDJ indicator has entered the oversold zone (below 20), indicating that weakness remains. The first resistance level above is at $115,000, with strong resistance at $116,000. Short-term support levels are between $111,500 and $112,000, with key support at $110,800.

Long position operation range suggestion: If the price quickly dips and stabilizes around $111,500, a small long position can be attempted, with a stop-loss at $110,800 and a target of $112,500 to $113,000.

Short position operation range suggestion: If there is a rebound to the $114,000 to $114,500 range, short positions can be taken under pressure, with a stop-loss at $115,000 and a target of $112,500 to $113,000.