After breaking below the key support level on the keyboard last week, the price of Bitcoin continued to fluctuate around $114,400 today. Despite a slight rebound from below $112,000, the upward momentum is still being hindered by the downward resistance line, which has been limiting Bitcoin's short-term rebound since mid-July. Given the cautious positions in derivatives and the pressure on the technical side, traders are now eyeing the $116,000 area as the next key battleground.

