$BTC has been beaten down by resistance around 112,400-112,722 on the daily chart. The effectiveness of this resistance level actually suggests that investors are selling as soon as they recover their losses, indicating a lack of optimism about the future. However, the awkward situation is that the support level immediately below is a concentrated area of trading volume. Tonight's PCE data, along with subsequent CPI and employment data, will be crucial. News signals will determine whether the concentrated area will break out, either upward or downward. Before a clear direction is determined, caution is advised, and a defensive strategy is recommended. Weekly support is at 96052; don't be afraid it might not be reached. 🧐