Bitcoin continues to decline over the weekend, although there wasn't a massive release of volume, the capital inflow during non-US stock trading hours is also significant. The continuous downward trend in sales finally showed signs of halting in the morning. The market has begun a small-scale upward fluctuation. Does this mean we are about to see a comprehensive rebound?
Last week's bearish sentiment, following the release of non-farm payroll data, unexpectedly revealed strong employment numbers that were later revised down for May and June. (Americans also play the game of inflated figures). Bulls faced panic selling from retail investors again, while outside bulls chose to remain on the sidelines.
After the data came in unexpectedly cold, surprisingly, the bets on the Federal Reserve lowering interest rates in September have increased, playing a hand of misfortune yet again.
Returning to the market. Bitcoin, after breaking the key support at 115, eventually reached the daily support level near 112. A stop-loss signal has appeared on a small scale. For short-term bears, this is a good position to reduce positions, followed by a hunt on the liquidity of bulls above, and ample time was given to cut losses and take profits, leading to a short-term oversold rebound. This evening until tomorrow afternoon, pay attention to the price performance rebounding to around 115/117. A volume-driven breakthrough and stabilization at this key level is crucial. Further upward rebounds can be anticipated.
The weak rebound continues to face pressure and resistance, short positions backed by pressure have a decent profit-loss ratio. Currently, the previous low is being watched; if it breaks, we will look for new lows down to the 110,000-108,000 range.
Upper resistance: 115200/116500/117200/118500
Lower support: 112800/108400/109300/107500
