Tonight is destined to be extraordinary. Is the calm market building momentum for the bulls or will it continue to decline?

At 20:30 tonight, the U.S. July CPI data will be released with great anticipation. The market expects this data to be 2.8%, higher than the previous value, and its performance is highly anticipated.

Currently, there is a clear "hawk-dove standoff" within the Federal Reserve. If this CPI data confirms that inflationary pressures still exist, the Fed may be more cautious about future interest rate cuts.

Specifically, if the CPI is higher than expected, Bitcoin may face short-term pressure to adjust; if it meets expectations, the market will closely analyze the Fed's statement for "dovish signals"; and if it is lower than expected, expectations for a rate cut in September will heat up, and the crypto market may welcome a frenzy.

Personally, I see a bearish trend overall, but I do not recommend entering positions at this time. I expect a small rebound tonight, and I plan to short when it rises, looking at 113,000-110,000.