Bitcoin Price Consolidation Keeps Bullish Long-Term Outlook Intact Despite Short-Term Drop

Despite the recent decline in price, I believe the accumulation trend for Bitcoin remains firmly intact. The overall market structure shows bearish consolidation, highlighted by the formation of lower highs since late July. This indicates that while the price has dipped, the market participants are still accumulating Bitcoin, keeping the longer-term trend bullish in my view. The upcoming decisive movement will likely depend on external catalysts, as the market appears to be waiting for new momentum to guide the next direction. If Bitcoin manages to break above the resistance level of $115,724, it could potentially test the next target of $117,000. Conversely, failure to reclaim that level might leave Bitcoin vulnerable to deeper corrections, increasing short-term risk. Currently, caution prevails in the short-term outlook, as traders should be alert to breakout signals and external factors that could influence the trend. The market remains in a state of anticipation, with key resistance and support levels serving as critical junctures for determining future movement. Overall, maintaining a vigilant approach is advisable as we await more definitive signals.