$BTC
Market Status
• Bitcoin is trading at $110,975 after a correction of 11% from its all-time high (ATH) of $124,457
• The price finds support at the crucial level of $110,500 despite six consecutive days of ETF outflows
• Technical indicators show a bearish RSI approaching oversold territory, while the long-short position ratio remains above 60%
• BTC dominance at 57.64% with altcoins gaining 3.06% during Bitcoin's decline
Key Factors
• The technical breakout from an ascending wedge pattern triggered liquidations of $900 million
• Divergence in regional sentiment: positive in America (+1,872.71) versus bearish signals in Europe/Asia
• Recent net inflows from August 25-26 suggest the beginning of strategic accumulation
• Institutional buyers continue
