The overall market news has not changed much, but since the opening of the U.S. stock market, sentiment has weakened. The general view is that the expectation of a rate cut in September has already reflected the economic downturn risks, and the market has entered a recession trade ahead of time, also influenced by the uncertainty of the Jackson Hole annual meeting. There are concerns that Powell may continue to be tough or be forced to shift due to economic worries, but the Federal Reserve has previously emphasized that the U.S. economy remains resilient.

Regarding $BTC, although the turnover rate has slightly decreased, panic sentiment has intensified, and investors with an average holding cost of about $95,000 have begun to sell. Since early July, the phase low has been around $112,000, and the logic behind the last pullback triggered by non-farm payroll data is similar to this one, so this level may provide support. Based on past experience, patience may be needed in the short term for recovery.

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