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The recent price movement of Bitcoin has attracted market attention. In mid-August, Bitcoin reached a high of $124,500, followed by a pullback that dipped the price to around $107,000.
After entering September, Bitcoin has once again shown an upward momentum. However, this wave of rise encountered resistance at the 0.618 Fibonacci pullback level of the daily downtrend. On the technical side, a daily engulfing pattern has appeared, while the ascending channel on the 4-hour chart has also been broken, indicating that the short-term upward momentum may have been exhausted.
From the current market situation, Bitcoin may enter a pullback phase. Investors should closely follow the support level around $112,000, as this position could become a key point in determining the future price movement.
Comprehensive analysis suggests that Bitcoin may experience horizontal fluctuations within a certain range in the short term. Market participants need to remain vigilant, follow the changes in various technical indicators, and also pay attention to the potential impact of the macroeconomic environment and industry dynamics on the cryptocurrency market.
Although it may face adjustments in the short term, Bitcoin, as the leader in the digital asset space, still has strong fundamentals in the long run. Investors should consider their own risk tolerance when formulating investment strategies and adopt a rational and long-term perspective.