Bitcoin has been gaining momentum in the past, but now it's struggling. Meanwhile, other currencies are hitting new highs one after another. This week marks the end of the month, and bulls and bears will be vying for position at this critical juncture.
This week, the bull-bear boundary for Bitcoin is 113,000. A break below this level will likely trigger a weekly correction, with the larger the level, the more pronounced. Careful position management is crucial to prepare for unexpected moves by major players.
The market is generally optimistic about an interest rate cut. If it doesn't happen as expected in September, the 10-995 range may emerge. While it's uncertain whether it will reach this level, if it does, consider increasing your position.
Today's Bitcoin rebound requires a close eye on the 113,650 level: only if it holds above this level for 1-2 hours will a 1-2 hour rebound begin. Above this level, focus on resistance levels around 114,600, 115,650, and 116,500.
If the rebound fails to break through 113650, it means that the bottoming rebound is insufficient. If the market falls further, support levels below it may be around 112000, 110550, and 109000. $BTC
