At 8:30 PM tonight, there is a very critical piece of data, the July CPI inflation report, which concerns the realization of the September interest rate cut expectations. Currently, the expectation for a September rate cut has reached 85%, which is basically a done deal.

Once the CPI inflation decreases, the expectations for a rate cut will rise directly.

Conversely, if CPI inflation increases, the expectations for a rate cut will be significantly undermined.

Currently, market institutions generally expect a slight increase in inflation, especially Goldman Sachs and JPMorgan, who believe that this data will show an increase month-on-month, which, in effect, is bearish for the cryptocurrency market.

If the data result does indeed show an increase, lowering the rate cut expectations, Bitcoin will not be able to hold at 118 and 117, which won't solve the problem. However, testing around 115 is still a possibility.