Although the teaching chain has been optimistic, the breakout at the daily level yesterday clearly fell back below 120000, which we can consider a false breakout. Therefore, today's rebound is particularly crucial. The key resistances during the day are at 119500 and 120800.

Tonight, the focus is on the CPI data. The non-farm payroll data from the Friday before last was bearish, directly leading to this round of correction. This time, the CPI data is likely to directly impact the rate cut actions in September. If the data is worse than expected and does not break down below 115500-116500, it is advisable to decisively re-enter long positions. If the data is better than expected, one can directly enter long positions alongside the rebound.

The teaching chain believes that given the current closing situation of Bitcoin, it is highly likely to maintain a range of 115500-120500 with significant oscillation probability, using sideways movement to wash away floating capital.

Regarding Ethereum, this round of surge mainly relies on the significant inflow from institutions in the early stage. Several hundred billion in the market sees several hundred million flowing in daily, leading to Ethereum's surge due to the fear of Bitcoin's high prices. Currently, the pressure position is around 4350. During the day, the approach of relying on 4350-4370 for short trades remains unchanged. If it goes lower, the range to watch is 4230-4250, starting from a narrow space. Ethereum still has great potential in the later stages.