In the live broadcast of the language community: Bitcoin plummeted to $113000, can the key support be held?

Click on the link to enter Tencent Meeting: https://meeting.tencent.com/p/9850662513 Why did it suddenly drop? This decline is the result of the combined action of technical and macro fundamentals: - Long term inability to break through the technical aspect: Bitcoin's recent attempts to break through the historical high resistance zone of $120000 have all failed, forming a clear "high-pressure zone" around $119500-120000. Multiple unsuccessful attempts to climb up consumed the power of the bulls, and some investors chose to take profits, leading to a price drop. Short term outflow of funds: On chain data monitoring shows that on August 19th, the Bitcoin network experienced a net outflow (Netflow) worth approximately $60.1 million, indicating that funds are withdrawing from the market in the short term, increasing downward pressure on prices. Macro environmental pressure: When the decline occurred, the US stock market (especially the S&P 500 and Nasdaq indexes) also closed weak on Tuesday. In addition, Federal Reserve Chairman Powell's upcoming speech at the Jackson Hole Conference, with his hawkish expectations, has raised concerns in the market about tightening liquidity, affecting all risk assets including cryptocurrencies. At present, the market's attention is focused on the key point of $113000. This is not only an important psychological barrier, but also a huge liquidity pool. For bears: breaking through this position will trigger a large amount of bullish leverage, which may further push the price down. For bulls: it is necessary to hold on to this place, as losing it may trigger a larger technical sell-off. On the contrary, if the price can stabilize and rebound here, breaking through $117000, it may trigger a bearish liquidation of up to $868 million, providing fuel for the price rebound. Is the long-term outlook still promising? Despite the unpredictable short-term trends, some top institutional investors remain confident in the long-term prospects of Bitcoin. In its latest report, asset management giant VanEck reiterated Bitcoin's target price of $180000 by the end of this year. The core logic lies in the sustained strong inflow of institutional funds, allocation of corporate balance sheets, and healthy mining expansion, which form the solid foundation of Bitcoin's long-term value. Currently, Bitcoin is at a watershed in short-term technical strength. Whether the support fortress of $113000 can be held will be the key to determining whether its next step is a deep pullback or a resurgence of upward momentum. Market participants should closely monitor the macro wind direction changes brought about by Powell's speech and the trading volume changes at key price levels, fasten their seat belts, and prepare to deal with possible drastic fluctuations Operation suggestion: BTC 112800 long first target to see 113590 second target to see 114659; - ETH 4080 long, first target is 4140, second target is 4200. Join the language community communication group to obtain more services 1. Real time troubleshooting (online one-on-one question answering and sorting) 2. Professional technical analysis and theoretical learning 3. Construction and improvement of trading system- 4. Live streaming courses every day, contract termination, real-time order making, to help you successfully land! Every day, there are teachers in the group who provide precise positioning to answer questions and offer free guidance. Tencent Meeting Live: 985-066-2513 DingTalk Group Number: 120320009032 Every day, there are teachers in the group who provide precise positioning to answer questions and offer free guidance! Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent the position or viewpoint of AiCoin and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AiCoin, and the consequences shall be borne by oneself.