Bitcoin has experienced three consecutive bearish days on the daily chart, with the possibility of breaking below the 110,000 mark in the short to medium term...

Bitcoin, in the short cycle, continues to look downward to break below the 110,000 level, and the market is expected to test around 108,000 in the future.

Firstly, it depends on the trend itself. Last week, the focus was on 110,000, and there were several effective rebounds at the 112,000 support level. However, due to the dovish stimulus from Powell, a huge surge occurred, but this momentum did not continue. On the contrary, it has been gradually declining to test the 110,000 mark.

Secondly, despite many favorable factors, they cannot lift Bitcoin; on the contrary, institutions are continuously selling.

Thirdly, the current stage of interest rate cuts cannot reverse the trend. As mentioned before, even if the interest rate is cut by 25 basis points, the rebound will not go far. This wave has not even touched 118,000, let alone stabilize at 116,000.

Fourthly, the main forces in the market are on the sidelines, especially the ETF funds are also on the sidelines.

As the monthly chart comes to a close, I believe we will still break below the 110,000 mark, or it may come earlier than we expect. In this process, we will continue to maintain a high-level mindset, and we can also go long at key support levels.

For medium to long-term judgments, it is about the trend, but more importantly, it's the mindset regarding the positions... $BTC