As of the latest data on August 29, 2025, on the Gate platform, Bitcoin price Briefly fell below the $110,000 mark, currently reported at $110,078, with a 24-hour drop of 2.29%. This decline occurred after Bitcoin’s recent attempt to break through the $115,000 resistance level was unsuccessful.
Price Trend Review
Bitcoin experienced a slight decline during the morning trading session on August 29, with the price falling below $112,000, a daily drop of 0.52%. This decline occurred after Bitcoin recently attempted to test the resistance level of $113,400, indicating that there is some profit-taking pressure in the market.
From a broader time frame, the trading price of Bitcoin was at the level of 112,932.66 dollars on August 28, but it failed to maintain above this price level. Currently, Price trends The market is at a critical decision point, and the choice of direction is crucial moving forward.
Technical Indicator Analysis
From a technical analysis perspective, Bitcoin is currently in a key range, with the technical indicators and external environment not providing clear trend guidance.
A bullish engulfing pattern has appeared on the K-line chart, and the support level at $108,650 is quite strong. However, the moving average system shows a bearish arrangement, while the trading volume has significantly decreased, creating a clear divergence between price and volume.
The RSI indicator shows that Bitcoin has entered the overbought zone, indicating that the sustainability of a price rebound in the short term is questionable, and the market may continue to maintain a volatile pattern. Bitcoin has fallen below the 50-day Exponential Moving Average (EMA), indicating a bearish shift in the short-term structure.
Key price levels and trading strategies
According to professional analysts, the current key support level for Bitcoin is between $109,000 and $110,000, while the resistance level is in the range of $113,000 to $113,500.
The cryptocurrency circle Li Ying suggests adopting a strategy of "mainly buying on dips and supplementing with selling on highs." In terms of specific operation points, the buy point is set at 111,000 USD, with an additional buy at 110,000 USD, targeting 113,000 USD; the sell point is set at 113,500 USD, with an additional sell at 114,000 USD.
The cryptocurrency experts provided more cautious advice: the upper test entry point is between 111,000 and 110,500 USD, and the lower test entry point is between 113,000 and 113,500 USD. He emphasized that regardless of the bullish or bearish trend, one should consider exiting if the previous high or low is broken.
Market Influencing Factors
August 29 is an important day for the Bitcoin options market, with $13.8 billion in Bitcoin options expiring. This event significantly impacts market dynamics.
Options with strike prices between $114,000 and $116,000 have a high proportion, so these price levels may increase market volatility. Whale accumulation and institutional buying on dips provide some support to the market.
On the other hand, Bitcoin has broken below a rising wedge pattern and the 50 EMA, indicating that the bullish structure has been compromised. The market needs to regain this key technical level to restore bullish sentiment.
Future Outlook and Predictions
In the short term, analysts expect Bitcoin to trade between the support of $109,000 and the resistance of $113,000. If the price can stabilize above $112,000, it may retest recent highs.
The medium-term trend depends on whether Bitcoin can hold the support of the 111-day simple moving average at $109,600. If this level is held, a bullish reversal may occur; conversely, it may further decline to the $105,000 level.
Market participants are closely monitoring comments from the U.S. Federal Reserve regarding interest rate decisions, which may impact the entire risk asset market, including cryptocurrencies.
The price of Bitcoin hovering around 110,000 USD is just a small episode in the long river of the market. From options expiration to whale accumulation, from technical divergence to macro policy impacts, various factors intertwine to form the complex picture of the current market.
The market always moves forward in fluctuations. For investors, closely monitoring the breakthrough of the $109,000 support level and the $113,000 resistance level, reasonably controlling positions, and managing risks well is the way to survive in the long term.
