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The Pullback May Be Over – Bulls Are Making a Comeback
Summary:
With Bitcoin pulling back to around $107,000 and confirming a bottom, the bullish trend may continue.
Trading
110546.5
ENTRY
117000.0
TGT
106800.0
SL
110706.0 -1509.5 -1.35%
0
Point
Flat
106800.0
SL
CLOSING
110546.5
ENTRY
117000.0
TGT
Fundamentals
As of the European trading session, Bitcoin is fluctuating around $110,000, maintaining an upward consolidation trend. Market sentiment reflects a mix of "continuous capital inflows" and "skepticism over the short-term interest rate path."
On one hand, institutional buying remains ongoing, including continued net inflows into institutional channels such as U.S. and global spot Bitcoin ETFs. This indicates that long-term allocation demand continues to serve as a strong support for the price during pullbacks. Such large-scale capital is gradually shifting Bitcoin from being viewed purely as a speculative asset to a more widely accepted component of institutional asset allocation, thereby enhancing its resilience during retracements.
On the other hand, macroeconomic factors remain the key variable influencing short-term bullish or bearish momentum. Last week, Fed Chairman Powell's speech at the Jackson Hole Symposium was briefly interpreted as a signal of greater openness to rate cuts, which drove leveraged risk assets higher and provided support for Bitcoin. However, subsequent market interpretations have diverged as investors are torn between betting on rate cuts and worrying about policy uncertainty (including discussions around the independence of the Federal Reserve). As a result, interest rate expectations become a major switch that can either amplify or suppress Bitcoin's volatility. In other words, if U.S. Treasury yields continue to decline and the market broadly reprices toward a more accommodative monetary policy path, Bitcoin could gain sustained macro momentum for further upside. Conversely, a rise in rates could quickly erode recent short-term gains.
Technical Analysis
In the daily chart, after Bitcoin hit a record high of $124,500 on August 14th, heavy profit-taking triggered sharp corrections. Bitcoin once declined below $110,000 and hit $107,000, a position above the 144 SMA to form a confluence of support. Meanwhile, Bitcoin built its bottom at $107,000 after testing the level multiple times without a decisive break below. With the accumulation of bullish momentum, Bitcoin is likely to extend the previous uptrend.
On the upside, Bitcoin will face significant resistance in the $112,700–$117,300 range in the short term. A decisive breakout on increased volume could open the door to retesting even higher levels. On the downside, Bitcoin may plunge to $100,000 if it crosses the support of $107,000.
Trading Recommendations
Trading direction: Sell
Entry price: 110000
Target price: 117000
Stop loss: 106800
Valid Until: September 16, 2025, 23:00:00
Support: 107000/100000
Resistance: 112700/117300
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