8-27 Bitcoin View:

Bitcoin rebounded around 109 after breaking below 112. Currently, from a small time frame perspective, it seems a bit stiff, but as long as it hasn't stood back above 112 for a day, it doesn't pose a significant challenge for a large rise.

Therefore, a key level to watch in the short term is the Fibonacci 0.618. If it retraces back to this level and holds, then Bitcoin in the short term is likely to form a low and continue to rise.

However, it needs to create higher highs to confirm a bullish trend on a smaller time frame, so going forward, Bitcoin must not fall below the 110,000 low, and the high must break above 112,900.

Another viewpoint (Chart 2): Another possibility is that it does not break above the 112,900 level, faces resistance, continues to decline, and breaks below the 0.618 level of 110,000, which would continue the bearish trend. #BTC