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After the overall pullback over the weekend, with the new trading cycle beginning, Bitcoin's price is once again facing downward pressure, testing the key support level of $116,000. Market participants need not worry excessively but should closely follow the performance at this price level. If the support holds, we may see a rebound.
Currently, the range of $116,200 to $116,600 is an important observation area. If Bitcoin can firmly establish itself within this range, it is expected to break upwards, with the next target range potentially between $118,000 and $119,000.
It is worth noting that macroeconomic factors are still influencing the cryptocurrency market. Recent reports have indicated that Trump is pressuring Federal Reserve Chairman Powell, which could have an impact on market sentiment. Investors should follow the potential effects of these external factors on the price trends of digital assets.
Overall, the Bitcoin market may continue to show a volatile trend in the short term. Traders and investors should remain vigilant, closely monitor the performance of key price levels, and adjust their strategies in a timely manner based on market changes.