The cryptocurrency market is at a critical moment, with Bitcoin (BTC) price reaching an important support level of $11,160. The performance at this price level is crucial and may determine the short-term direction of the market.

Recently, the BTC price experienced a rapid rebound after touching $11,160, indicating that there is indeed buying support at this level. However, it is worth noting that this buying mainly comes from bottom-fishing funds in the futures market, reflecting a cautious market sentiment.

The performance of the last trading day of the US stock market this week will have a significant impact on the crypto assets market. If BTC cannot hold the support level of $11,160, it may further drop to around $10,800, which indicates a potential decline of about $1,000. This repeated volatile downward trend often brings great psychological pressure to investors.

There are two possibilities for the market outlook: if BTC can stabilize at $11,160, it may show a consolidation trend over the weekend, potentially leading to a rise early next week; however, if it breaks below this support level, the technicals may turn bearish, and the market could continue to consolidate until around the Federal Reserve's interest rate meeting in September.

Currently, both bulls and bears seem to be waiting for the market reaction after the US stock market closes to determine the direction of the future market. At this stage, investors need to closely monitor market trends and reasonably grasp the timing of entry and the positions for taking profits and cutting losses.

It is worth mentioning that the latest data on the number of initial unemployment claims in the United States may also affect market sentiment, and investors should closely monitor the potential impact of this economic indicator on the Crypto Assets market.