The daily chart shows that Bitcoin has just held the lower bound of the upward channel, currently stabilizing around $110,800-$111,000. This position also coincides with the 100-day moving average, providing an extra layer of protection for the bulls.

However, the upward momentum seems to be slowing down, with the RSI at 41.8, indicating that short-term selling pressure has eased somewhat, but the MACD is still below the signal line, suggesting that upward momentum is not strong enough. The 4-hour chart shows that Bitcoin is encountering downward trend resistance around $113,900, with additional resistance levels above waiting to be broken.

Analysts remind us: Since early August, Bitcoin has dropped nearly 10%, consistent with historical seasonal patterns. Trader @im_BrokeDoomer says: "August and September are usually the toughest months for Bitcoin, while October and November tend to be the most outstanding periods."

Summary: It may be weak in the short term, but a recovery in the fourth quarter is expected, and patient observation may be a wise choice.