Is Bitcoin holding up? The market is indeed a bit difficult to manage right now. This morning it fell below the previous low but managed to recover above 117,000. Shu Qin stubbornly opened a long order again, hoping to catch a rebound.

The entry point is the same as yesterday. We went long at 117,200 and reached 118,600 yesterday. This time it's a second bottom test; it hasn't broken the important support at 116,700, so we added another position last night to see how it goes, really forcing ourselves to open the order, and currently there is a small floating profit. A stronger support level is around the neckline at 112,500. If it holds here, it will rebound quite a bit.

In fact, as we discussed earlier, the entire month of August is generally a relatively weak month. Coupled with the PPI inflation far exceeding expectations, the cryptocurrency market may trend weakly in the next week or two, making it suitable for us to play the waves. The turning point will be the Federal Reserve's interest rate cut in September, and I think Trump may optimize the upcoming data, which makes the probability of a rate cut quite high.