The Bitcoin market currently shows a trend that is generally consistent with my judgment from last night. The 116,800 position remains an important resistance level.

This resistance level is currently the key position of the M200 moving average on the 4-hour chart, and it is also the location of the middle track resistance on the daily chart.

Currently, the short-term price needs to break through the M200 before completing a trend reversal on the hourly chart to better allow the price to return to the optimistic range of the upper track on the daily chart.

Last night's dovish remarks from Powell triggered a short-term optimistic rise in the market, but currently, the sentiment has declined somewhat. The weekend will mainly be characterized by consolidation and fluctuation, and whether the rise continues will depend on next week. For now, I continue to maintain a cautious bullish stance.

If the rate cut in September is the main driver of the price increase, I would like to point out that the expectation for the September rate cut has already been anticipated by the market and has been traded for almost a month.

At the end of July, the market was cautiously viewing the September rate cut, and by early August, the probability of a September rate cut had continuously pushed above 50% and maintained around 90% for a week.

Therefore, even if Powell's remarks again boost rate cut expectations, how long will the bullish momentum last? Thus, I think whether the bulls can sustain themselves will depend on next week's verification.

Returning to the market, the weekend pullback support reference is the Fibonacci support at 114,300.