Digital asset market dynamics: Gate is steadily progressing amid market fluctuations.

• Bitcoin is facing a critical support level test, and the Gate platform's volume remains steadily rising.
• Ethereum market sentiment is becoming cautious, and Gate derivatives trading volume has decreased.
• XRP price fluctuates within a range, and Gate users remain confident in the long-term prospects of cryptocurrency.

Bitcoin (BTC) maintained above the $110,000 level this Thursday, after encountering resistance and retreating near $112,500. Meanwhile, Ethereum (ETH) and XRP are consolidating near key technical levels, with the overall market showing a wait-and-see attitude.

Focus Data: Gate platform trading activity remains strong

Despite increased market volatility, the Bitcoin volume on the Gate platform continues to show a steady rise. Platform data indicates that the average daily Bitcoin trading volume has significantly increased compared to the beginning of the year, reflecting investors' ongoing interest in digital assets.

Gate's chief analyst stated: “Despite the uncertainty in the short-term market, institutional and retail investors' long-term confidence in digital assets remains strong.”

Platform data also shows that during the price pullback, users' willingness to open positions has increased. Currently, the lower support of the Bitcoin price operating range is around $104,000, with resistance above at $116,000. However, the cooling of the derivatives market and changes in demand for new investment tools have limited the upward price movement to some extent.

If it breaks through the upper resistance, Bitcoin is expected to regain its upward momentum and move towards the area above $120,000. Conversely, a drop below the $104,000 support level may trigger further corrections, with the next important support area at $93,000-$95,000.

On the other hand, the open interest of Ethereum futures on the Gate platform has decreased, showing a significant decline from the high point on August 24. This metric reflects the current market participants' cautious attitude towards Ethereum's short-term trend.

The XRP market is also facing a similar situation, with the open interest of XRP futures on the Gate platform significantly retreating from the peak on July 22. In the current market environment, XRP's price may require a longer time to accumulate momentum to break the resistance.

Today's Chart: Bitcoin Focus on Trend Line Support

The price of Bitcoin recently broke through the resistance of the descending trend line and encountered resistance around $112,500 this Wednesday. The current price is still running above the 100-day Exponential Moving Average (EMA) support at $110,736.

If the price breaks below the moving average support, Bitcoin may retest the previously broken trend line. If it can gain support near the trend line, it will increase the likelihood of breaking through the psychological level of $116,000 and the key level of $120,000.

The Relative Strength Index (RSI) is currently at 44, indicating that buying momentum has weakened. A continued decline in RSI may trigger further pullbacks, at which point investors may focus on the 200-day EMA support level of $104,314.

Altcoin Market: ETH and XRP Continue Range Oscillation

Ethereum failed to break through the $4,500 resistance this Wednesday and is currently still maintaining above $4,300. From a technical perspective, short-term downside risks still exist, reflecting the cautious sentiment in the derivatives market.

Since August 25, the MACD indicator has continuously issued bearish signals, prompting traders to reduce risk exposure. Before regaining upward momentum, the price of ETH may further decline.

Investors should closely monitor the reaction of the ETH price to the rising trend line shown on the daily chart. Since the beginning of July, the price has gained support multiple times at this trend line, and if it tests this line again, it may release potential reversal signals. Other key support levels include the 50-day EMA ($4,044) and the 100-day EMA ($3,566).

XRP is currently oscillating between $2.77 (100-day EMA support) and $2.91 (50-day EMA resistance), suggesting that it may experience a prolonged consolidation period before a breakout. The MACD indicator has been consistently issuing bearish signals since July 25, and the next important support level is near the 200-day EMA ($2.51).

Nevertheless, the stability of the RSI around 44 indicates a balance of power between bulls and bears. If the RSI breaks above the 50 midline, buying pressure may increase rapidly, raising the probability of XRP returning above $3.00.