Gold hits a new historical high! Bitcoin's technical aspect is poised for action, with the rebound target for September revealed.

The price of gold has once again broken historical records, attracting global funds into safe-haven assets, and the market's focus has shifted to Bitcoin (BTC) — the cryptocurrency once hailed as "digital gold." Currently, BTC is priced at approximately $113,744, and although there has been a short-term rebound of 2.4%, the significant selling pressure prior has still left long positions under strain. In stark contrast to the strength of gold, Bitcoin's safe-haven properties are facing a market reassessment.

Hedging sentiment rises: Gold attracts capital, Bitcoin under pressure

Geopolitical tensions and rising inflation expectations have led to a rapid withdrawal of funds from risk assets, with gold and oil becoming new safe havens for capital. In contrast, Bitcoin and the stock market have fallen in sync, undermining their market narratives of "inflation resistance" and "hedging."

According to Coinglass data, the total amount of leveraged position liquidations in the cryptocurrency market over the past 24 hours reached 370 million USD, with single-hour liquidations soaring to 52 million USD. BTC and ETH recorded liquidation losses of tens of millions of USD, while DOGE dropped by 3.2% in a single day, indicating a rapid cooling of market risk appetite.

Technical Signals: long positions still hold the initiative for Rebound

Although the market sentiment is bearish, the BTC technical pattern still has upward potential. The two-hour candlestick chart shows that the price has formed an ascending triangle structure and has broken through the 113,800 USD resistance level.

RSI: Stable at 64, indicating that buying momentum still exists.

Moving average support: The short-term and long-term moving averages are located above 111,606 and 112,716 USD respectively.

Potential targets: If the upward trend continues, short-term expectations are to reach 115,400, 117,150, and 118,600 USD, further challenging the 125,000–130,000 USD range.

Risk level: If it falls below 112,000 USD, it may test the support at 110,000–108,450 USD.

Short-term traders can pay attention to whether the K line shows reversal signals such as "Three Black Crows" or "Engulfing Pattern" to determine trend changes.

Capital Flow: Hedging and Speculation in Parallel

When gold and oil attract safe-haven funds, some funds in the encryption market shift towards early projects and ICOs that have low prices and high potential. These projects typically possess characteristics such as mature technical concepts, fresh capital entering the market, and still low valuations, making them a choice for some investors seeking high returns in a volatile market.

Although BTC short-term fluctuations are dramatic, long-term institutions and ETF funds are still continuously accumulating positions, indicating that the bullish funding base for the medium to long term has not been shaken.

Conclusion

The historical high of gold has pressed the accelerator on global risk aversion. Although Bitcoin is under pressure in the short term, the technical indicators still show rebound potential. The key in September lies in whether it can hold the support at $112,000 and break through the resistance at $118,600. If successful, long positions may push BTC to challenge the $130,000 mark. For investors, in addition to paying attention to the trends of mainstream assets, monitoring the capital flow of early high-potential projects may also be a key strategy for capturing excess returns.