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Bitcoin has recently shown a fluctuating upward trend, with the current price around $116,570. Although there has been a short-term pullback, the medium to long-term upward trend remains intact. The market is watching for a breakout in the range of $117,000 to $117,500, which could lead to further increases if accompanied by a rise in Trading Volume. However, if it falls below the support level of $116,000, it may enter a phase of consolidation.
From the technical analysis of multiple time frames, there is certain adjustment pressure in the short term, but the medium to long-term structure remains relatively strong. The 15-minute and 1-hour charts show short-term adjustments, while the 4-hour and daily charts maintain relative strength. The weekly chart indicates that the long-term trend has not been significantly affected. In terms of technical indicators, MACD and RSI overall maintain a bullish pattern, but short-term momentum has weakened. The moving average system is mostly arranged upwards, providing strong support for the price. Trading Volume remains in a consolidation range, and there are currently no signs of large-scale capital withdrawal.
On the macro level, ETF fund flows have become the market focus. On August 7, Bitcoin and Ethereum ETFs attracted a total net inflow of $503 million, with the Bitcoin ETF net inflow being approximately $281 million, and IBIT and FBTC performed particularly well. This trend reversed the previous four days of capital outflow, injecting new confidence into the market.
Positive news has also come from the policy level. Reports indicate that a new executive order will allow crypto assets to be included in 401(k) retirement plans, potentially opening up a pathway for trillions of dollars in pension funds to enter the crypto market. Meanwhile, the Federal Reserve maintained interest rates at its latest meeting, keeping overall monetary policy neutral, but there remains a certain level of volatility.
Currently, the Bitcoin market shows a cautiously optimistic trend. There may be some fluctuations in the short term, but the medium to long-term outlook remains positive. Investors should closely monitor the breakout of key price ranges, as well as the flow of ETF funds and changes in macro policies, in order to formulate appropriate investment strategies.