Today, Bitcoin oscillated in the range of $114,000 to $115,700. After the U.S. stock market opened, it surged for a while but failed to break through the key resistance level of $116,000. The technical indicators show that short-term rebound momentum is strengthening, but the shrinking trading volume raises doubts about the sustainability of the increase.

From a technical perspective, the four-hour MACD histogram remains positive but the momentum is weakening, and the KDJ indicator has entered the overbought zone. The downtrend of the bears is particularly evident, indicating that there may be a pullback pressure in the short term. This shows that the upward momentum has slowed down.

Currently, the first key support level below is at $114,000, and the second key support level is at $113,500. The first resistance level above is at $115,000, and the second resistance level is at $115,600.

From the information perspective, the probability of the Federal Reserve cutting interest rates in September is as high as 94.4%, and the market expects that easing policies will boost risk assets, including Bitcoin. In addition, institutional funds continue to flow in, with MicroStrategy recently increasing its holdings by 21,021 Bitcoins, bringing its total holdings to over 628,000, worth over $71 billion.

Long position operation range suggestion: If the price retraces to the range of $113,500 to $114,000, a light long position can be attempted with a target of $115,500 to $116,000 and a stop loss at $113,000.

Short position operation range suggestion: If the price touches the resistance level of $116,000 and fails to break through effectively, consider going short with a stop loss set at $117,000 and a target down to $114,000.