Market analysis and thoughts for the evening of July 24

Bitcoin surged to 119,500 last night before retreating, currently oscillating around 115,000 to build a bottom. The daily MACD has formed a death cross above zero, but it is far from the zero axis, making a direct drop to the zero axis less likely. After multiple attempts to break through the key level, the bullish momentum is insufficient. It is expected to drop below 115,000 to gain liquidity, complete the washout, and then continue the upward trend. The key resistance level above: 119,500; if broken, the situation will strengthen. 115,000 serves as support; if it breaks or dips, further support at 113,600 and the 4-hour bullish OB area may be tested. In the short term, a narrow range oscillation is highly likely. After building a bottom around 115,000 in the afternoon and evening, it is expected to accumulate strength to once again challenge 120,000.