0812 Bitcoin Market Report 📢📢📣📣

After breaking through the technical level, Bitcoin is showing a fluctuating pattern with a rise and fall, and the short-term bullish momentum has weakened. This round of movement reflects the market's shift from bearish fatigue to a strong rebound, approaching historical highs. However, this rebound is not accompanied by a significant increase in the spot market, indicating that this round of increase is more driven by position adjustments rather than large-scale firm buying, and has not covered a broader trading group.

The sustainability of Bitcoin's momentum largely depends on macroeconomic data, which is highly correlated in the short term. Traders tend to believe that a slight increase in CPI, in line with market expectations, may lead Bitcoin to oscillate at high levels. If the data exceeds expectations, it may pressure prices upwards in the short term, cooling down the rate cuts; conversely, if the results fall below expectations, it may be accompanied by capital inflows and improved spot activity, potentially acting as a catalyst for a new breakthrough. Currently, prices are oscillating violently around the range of $118,000 to $120,500, with the short-term fluctuation confirming the support level at $118,000, while also indicating that bulls lack momentum when breaking through the resistance level at $121,000. If prices can stabilize above the resistance range of $121,000 with volume, it may initiate an attack towards the target of $125,000. On the contrary, if it loses the support at $118,000, one must be cautious of the risk of a retest at the critical support level of $116,500, which may also be accompanied by panic selling pressure, intensifying the downward test for a deeper retest. Given the current market's high sensitivity to macro events, market participants are panicking about the possibility of retesting $110,000.

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