The overall market news has not changed much, but since the opening of the US stock market, the sentiment has weakened. The general view is that the expectations for interest rate cuts in September have reflected the economic downturn risks, and the market has preemptively entered a recession trading phase, while also being affected by the uncertainties of the Jackson Hole annual meeting. There are concerns that Powell may continue to be hawkish or may be forced to shift due to economic worries, but the Federal Reserve has previously emphasized that the US economy remains resilient.

Regarding $BTC, although the turnover rate has slightly decreased, panic sentiment has intensified, and investors with a holding cost of about $95,000 have begun to shift. Since early July, the phase low has been around $112,000, and the logic of the previous pullback triggered by non-farm data is similar to this one, so this level may provide support. Based on last time's experience, patience may be required in the short term to wait for a recovery.