The Bitcoin market is at a critical moment, with technical indicators showing that bears currently have the upper hand. The latest hourly candlestick chart shows that the BTC price has fallen below the lower Bollinger band, while the MACD indicator is in a death cross state, indicating that it may face downward pressure in the short term.

Currently, the market focus is on the key price level of 112,500 USDT. If BTC can break through this level, the bulls are expected to launch an attack on the two important resistance levels of 114,900 and 117,400. However, if it fails to break through, 108,600 will become an important support level. Once this support level is breached, the market may experience panic selling, potentially triggering a chain liquidation effect, pushing the price towards the deep support level of 100,700.

In addition to the technical aspects, the U.S. July Core PCE Price Index year-on-year, which will be announced tonight, will also have a significant impact on the market. This data is regarded as an important reference indicator for the Federal Reserve in formulating inflation policies. If the data exceeds the expected 2.9%, it may exert significant pressure on BTC prices; conversely, if the data is below or flat at 2.8%, coupled with the influence of geopolitical factors, it may stimulate a large inflow of funds into the BTC market.

It is worth noting that there are a large number of liquidation orders in the range of 114,000 to 107,000, totaling over 36.74 million USDT. This means that once the price experiences significant fluctuations, it could trigger a chain reaction, leading to increased market volatility.

The current market volume indicates that bullish investors are still on the sidelines, waiting for clearer signals. Both the technical and fundamental aspects suggest that the market is about to迎来 a significant trend. Investors need to closely monitor the upcoming economic data and adjust their strategies in a timely manner based on market reactions.