The market has been continuously declining in the absence of new information, reflecting a pessimistic outlook on the future economy, particularly concerns about a rate cut in September and whether the U.S. is entering a downturn. The minutes from the Federal Reserve's July meeting show that most voting members remain hesitant, with only a few supporting a rate cut, but the downward revision of labor data could become a turning point. Trump is pressuring conservative voting member Cook, aiming to increase support for a September rate cut through a "killing the chicken to scare the monkey" strategy.

In the crypto market, $BTC shows signs of a rebound, but the momentum is weak, while $ETH has a stronger rebound, indicating that investor buying power is concentrated on ETH. The stability of BTC's price comes more from reduced selling pressure rather than new buying, with the current support level still solid, quickly rebounding after hitting a low of $112,200, aligning with the expected bottom of $112,000. The subsequent trend will still depend on the Jackson Hole meeting and Powell's speech.

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