What position will BTC drop to? Personally, I have two initial viewpoints. As of the Friday before the Jackson Hole annual meeting, the market's expectations are more focused on the weakening of interest rate cut expectations in September and the increasing possibility of an economic recession in the United States.

This situation also occurred in early August, where the declines on August 2nd and 3rd were due to significant revisions in the non-farm data at that time, with a substantial decrease in the labor force population. The market expected that the US economy might enter a downward channel, which even prompted Trump to replace the head of the US Bureau of Labor Statistics.

Last time, $BTC dropped to a low of $111,900 and then began to rebound. During the rebound, there was no very clear positive news, but because August 2nd and 3rd were weekends, it was considered that the potential reduction in liquidity could lead to a weakening of sell-offs.

Therefore, I personally think that between $111,000 and $112,000 should be relatively stable, and the situation after the Jackson Hole annual meeting will depend on what Powell discusses and how the market interprets it.