The market generally expects that the Federal Reserve will cut interest rates by September at the latest, and U.S. Treasury Secretary Yellen's statements have further strengthened this sentiment. However, Bitcoin has not shown a strong rebound, with liquidations reaching $259 million in the past 24 hours, predominantly from long positions, and there are clear signs of a short-term decline. Traders are beginning to adjust their structures and control risks, and the market is clearly waiting for a direction. Matrixport pointed out that Bitcoin is slowly transitioning from a 'high-risk' asset to a 'compliant asset,' which is friendly to institutions but may not be favorable for short-term traders. At this stage, it is more suitable to calmly think about layout logic.