Bitcoin Closes Week Above Key Support Level at $111,137

Bitcoin (BTC) closed the week above a critical support level, preventing a potential breakdown. The cryptocurrency has been trading within a range of $108,250-$111,140, showing mixed signals recently.

Key Developments

BTC is attempting to reclaim the $109,000 level as support.
The price closed at approximately $111,137 after a surge, averting short-term downside risks.
Analyst Rekt Capital noted early signs of weakness; failure to maintain this key level could signal bearish trends.
A daily close above $113,000 may lead to a rally towards $116,000 and possibly $119,000.
Consolidation within the Macro Monthly Range ($107,200-$115,711) is ongoing, with a focus on the $114,000 pivot point for future price movements.
Upcoming US CPI data release on September 11 may introduce volatility; previous data releases caused significant BTC price drops.
Current BTC price stands at $111,276, reflecting a 1% decline in the daily timeframe.

Bitcoin Chart