#DeFiGetsGraded
Market Location and Structure• Bitcoin is trading at $119,928, within a narrow range between $118,000 and $120,100• It is currently 2.5% lower than its all-time high in July of $123,091• Market dominance decreased from 60.5% to 57.68% over one week• The Fear and Greed Index at level 68 shows continued optimism despite consolidationMain Factors Affecting the Market• Stability of inflation in the United States at 2.7% boosts expectations for interest rate cuts by the Federal Reserve• Continued institutional momentum with Metaplanet purchasing $61.4 million in Bitcoin• A decrease in balances on exchanges while ETF fund flows remain strong• Technical innovations (BitLayer, and a 5-6% return from Solv Protocol on Bitcoin+) expand Bitcoin usage• Policy proposals for retirement are friendly towards digital currencies, improving the regulatory environmentTrading Considerations• Main support at $118,000 with stronger support at $115,000• Resistance at $123,000 (all-time high) with $124,800 as a breakout target• The MACD indicator shows strong improving momentum, while the RSI (58.2) indicates room for additional growth• The buy-sell ratio at 59.42% indicates a bullish trend• Watch for volume confirmation on any breakout above $123,000• Release of Consumer Price Index (CPI) data