Trading at $108,568, a significant drop from the ATH of $124,457 in July.

Bitcoin maintains a strong market dominance of 57.91% despite the correction.

The price fluctuated between $108,120 and $108,777 over the past 24 hours, indicating continued volatility.

The critical support level of $111,300 has been breached, opening the way for a potential decline towards $103,000-$105,000.

Key influencing factors

Significant profit-taking activities by institutions with 3.27 million Bitcoin sold by long-term holders.

Bitcoin exchange-traded funds (ETFs) recorded outflows of $1.17 billion between August 18-22.

Whale transfer activities continue to exert downward pressure on the market.

Conversely, analysts maintain their year-end price forecast of $180,000.

The new Bitcoin re-torquing series creates new opportunities for returns.

Strategic considerations

Technical indicators suggest a temporary stabilization after buyers defended the $109,400 level.

Watch the $110,000-$113,992 area as key resistance zones for a potential breakout.

Still, 92% of Bitcoin holdings are in profit despite the correction.

Community sentiment remains at 56.96%, indicating confidence in recovery.

Short-term traders should exercise caution, while long-term investors might consider using a dollar-cost averaging strategy during strategic dips.