As the night of September 1st falls, the cryptocurrency market is facing an interesting situation. It is worth noting that the US stock market is closed tonight, which means that we are less likely to encounter significant events that could significantly affect market sentiment.

In this relatively calm external environment, technical factors will play a more critical role in market trends. Based on the current technical indicators and market structure, we tend to maintain a cautious bearish stance.

For investors who intend to participate in trading, it may be worth considering setting a short position in the price range of 109,000 to 109,500. The initial target price can be set at 106,000. If the price subsequently breaks through this key support level, we may even see the price further drop to the level of 102,000 from a medium-term perspective.

However, please remember that the cryptocurrency market is constantly changing, and investors should always remain vigilant, closely monitor market dynamics, and make informed investment decisions based on their individual risk tolerance. Technical analysis is just one of the reference tools for decision-making, not a crystal ball for predicting the future. Before making any trades, it is essential to conduct thorough research and risk assessment.