Bitcoin strongly rebounded early today (28th), regaining $119,000, continuing the counterattack momentum that has developed from the two-week low, which also instantly warmed the previously dull market atmosphere. Analysts pointed out that as market momentum is regrouping, Bitcoin may face "intense fluctuations," reminding investors to enhance risk control and closely monitor the upcoming key support and resistance areas.
According to TradingView data, "BTC/USDT" is challenging an important short-term technical range, attempting to recover the 10-day simple moving average (SMA), trying to maintain the bullish setup that started from the rebound of $114,500, allowing the market to temporarily shed the shadow of the recent large-scale sale of Bitcoin by the 'ancient whale.'
The overall economic environment also provides support. Yesterday (27th), there were reports that the U.S. and China will restart trade negotiations, and it is expected that the originally scheduled tariff suspension period, which was due to expire on August 12, will be extended for another three months to maintain negotiation space. After the news was released, market funds accelerated the return to risk assets, and cryptocurrencies once again attracted investors' attention.
The tug-of-war between bulls and bears has intensified, with "$119,500" becoming the key watershed.
Cryptocurrency investor and entrepreneur Ted Pillows stated: "If Bitcoin successfully breaks through the $119,500 level, the next wave of market movement is expected to start; otherwise, the consolidation pattern will continue."
I believe Bitcoin may break through this level next month, thereby initiating a new wave of bullish cycles.
Another popular analyst, Rekt Capital, observed that Bitcoin's daily line has once again returned above the lower boundary of the range, confirming short-term support:
This indicates that Bitcoin is returning to the previously briefly lost consolidation area. If it successfully backtests this price point, it may further confirm the bullish momentum.
However, some analysts remind that the short-term lower shadow may still be filled. If the pressure from the backtest rises, it may fall again towards $114,500, or even probe the $113,600 area.
Trader CrypNuevo stated, "From a longer-term perspective, the main liquidation level currently lies around $113,800," therefore, the probability of a backtest to the $114,500 to $113,600 range in the medium term is still high.
According to the latest data from CoinGlass, Bitcoin's short-selling 'maximum pain' point is around $119,650. If the price continues to approach or break through the historical high (around $123,000), it will inevitably trigger a series of liquidations exceeding $1.1 billion.
Cryptocurrency market analysis platform Coinank added that the range between $119,000 and $120,000 has formed a dense liquidation cluster, indicating that potential selling pressure is brewing.
Analyst TheKingfisher also warned that short-term market volatility will significantly intensify, "Observing the GEX+ chart of Bitcoin, it is almost entirely turned red, indicating that traders are generally in a Gamma short position, which may lead to severe market fluctuations as they hedge their positions."
