August 16th Bitcoin (BTC) latest trend comprehensive analysis, based on multi-dimensional data such as technical indicators, market sentiment, and fund movements:

Current Price and Trend

• Latest Quote: $117,300 - $117,576 (pulled back from a high of $117,900 during the day, with a 24-hour decline of about 0.19%).

• Short-term Trend: Technical correction dominates the market, price has fallen below 20-day moving average (MA20), MACD death cross and RSI (14) has retreated to the neutral zone at 45, bearish momentum prevails.

Key Support and Resistance Levels

1. Support Levels:

◦ $116,500 (Fibonacci 61.8% retracement level).

◦ $115,000 - $117,000 (daily MA50 moving average + institutional accumulation zone).

◦ Strong Support: $112,000 (if broken, may trigger algorithmic sell-off).

2. Resistance Levels:

◦ $119,000 - $119,300 (previous high pressure + 4-hour EMA200 resistance).

◦ $120,000 (psychological level, difficult to break).

Market Drivers

1. Macroeconomic Pressure:

◦ U.S. PPI inflation data exceeded expectations (July month-on-month +0.9%), and the Federal Reserve's interest rate cut probability in September has dropped to 55-85%, which is putting pressure on risk assets with the dollar rebounding.

◦ Policy Uncertainty: The U.S. Treasury's transfer of 10,000 BTC to Coinbase has triggered market panic, exacerbating selling pressure.

Finally, here are Long Ge's trading recommendations for today: if it pulls back to around $117,200 - $116,700, go long directly, targeting $118,000 - $119,300. Be sure to set a stop-loss when entering, do not hold the position without a stop-loss. #BTC