$BTC's lower channel position is at 116800. As long as it can break this position in 4 hours,

then returning to around 113000 shouldn't be a problem. Moreover, a rate cut in July seems unlikely. Everyone is expecting the rate cut in September, so there won't be much positive news to speculate on (except for Trump's words, which can pump the market).

The market is brutal. The cost price held by those institutions should be around 108000-110000. Retail investors all know to run early; could institutions not know?

BTC has raised the market with little leverage from 110800-116000, on one hand clearing short user positions, and on the other hand preventing retail investors from getting in, forcing them to buy at high prices. Therefore, the lower side is still quite weak. Just quietly wait for short positions to create a miracle.