In the early morning, Bitcoin faced massive selling by whales, rapidly dropping below 112 and quickly recovering.
Completed the necessary actions before Old Powell's speech. However, the bulls are still lacking momentum. There is a start but no follow-through.
Subsequent bulls continue to face selling pressure after the rebound. Focus on the evening US stock market session until tomorrow's close. Whether it can successfully close above 112 is very critical for the high-position bulls. This has been a key position mentioned nearly every time during corrections over the past half month.
After breaking down with volume, the short-term bullish market will likely face a deep correction. The difficulty of trading in the future will become more challenging.
Hope the bulls can hold their ground.
Upper pressure: 114820/117500/118600/119500
Lower support 111700/110800109300/107300
