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Bitcoin falls below previous support, institutions predict it may retest the $112,000 level.
On August 18, a certain institution released the latest research report stating that Bitcoin failed to hold the downward trend line, which initially signaled a breakout but has recently fallen below the previous support. While there is no excessive concern about further downside risks, due to the market remaining cautious ahead of the Fed's September interest rate decision, the price of Bitcoin may once again test the $112,000 level.
The institution does not expect this year's Jackson Hole meeting to release any substantial signals, as it is often more of a discussion platform rather than a market driver. Currently, the market is waiting for a real catalyst, and the Fed's interest rate meeting on September 17 is the most critical event.
From a technical perspective, Bitcoin is currently in a "no man's land" between $112,000 and $117,292. This leaves traders with two clear strategies: if the price breaks upward, then follow with a buy; if the price falls close to $112,000, then buy on dips. In other words, the market is in a wait-and-see phase, waiting for a clearer direction.