Recently, Bitcoin ( BTC ) market has shown a fluctuating trend. The latest released US July Producer Price Index ( PPI ) year-on-year rate is higher than expected, which may impact the Crypto Assets market.

Currently, the BTC price is seeking support in the range of $116,000 to $115,500. Bulls expect the price may rebound to around $120,000. However, if the price reaches around $122,300, it may form a head and shoulders pattern, which would be an important technical indicator.

If this pattern is confirmed, we may see a significant downward trend. Investors should closely monitor this key price level, as it may indicate a major shift in market direction in the short term.

In the current complex macroeconomic environment, the price trend of Bitcoin is influenced by multiple factors. In addition to technical analysis, investors also need to continuously pay attention to global economic data, regulatory trends, and the attitudes of institutional investors.

Regardless of how the market develops, maintaining a rational and cautious investment attitude is always a wise choice. For investors interested in participating in this market, establishing a comprehensive risk management strategy is crucial.