#BTC

BTC Market Analysis:

BTC surged and then fell back; yesterday's historical high of 124,500 couldn't hold, with a low retracement to 117,000, a single-day drop of 7,500 points! This market is really exciting!!!

Currently, if the rebound cannot stabilize at 120,000, it may continue to dip, with crucial support at 115,000-116,000 to pay close attention to!

Reasons for the decline?

First, a retraction after the spike to a new high at the hourly level; second, last night's PPI data was somewhat bearish, and the expectations for a rate cut by the Federal Reserve in September have cooled, leading to a market sentiment that triggered accelerated selling. However, the news is merely a catalyst; the pullback had already shown signs.

Intraday resistance at 119,500 and 122,000, support at 117,000 and 116,000; be cautious with short-term operations!