Recently, the Bitcoin market has shown a sluggish trend, with prices hovering around $117,645. Currently, BTC is trapped between the 7-day moving average and the 25-day moving average, which are at $117,650 and $117,495, respectively.

Market trading is light, with a 24-hour trading volume of only 128 BTC, indicating a strong wait-and-see sentiment among investors. The price fluctuation is less than $2000, reflecting a lack of clear direction in the current market.

From a technical perspective, the area around $117,750 constitutes short-term resistance, while $117,200 serves as an important support level. For short-term traders, considering a light short position near $117,750 with a stop loss set at $118,000 could be advisable. Investors looking for bottom-fishing opportunities can pay attention to the price range below $117,200, but it is essential to set a cautious stop loss at $116,800.

It is worth noting that macroeconomic factors are still affecting the cryptocurrency market. The annual Producer Price Index (PPI) for the U.S. in July was higher than expected, which may impact market sentiment. At the same time, the Federal Reserve has canceled its regulatory plan for innovation activities, a move that could have potential implications for the regulatory environment of the cryptocurrency industry.

In the current market environment, investors should remain vigilant, closely monitor price trends and key support and resistance levels, while also paying attention to macroeconomic data and regulatory developments, in order to adjust investment strategies in a timely manner.