July 31 BTC Technical Analysis:

The Federal Reserve has maintained interest rates unchanged for the fifth consecutive time, without providing clear guidance on a potential rate cut in September, which has led to a short-term strengthening of the US dollar index, delaying the market's expectations for rate cuts. High-risk assets (including cryptocurrencies) have responded by retreating.

Bitcoin briefly dropped below the critical support level of 116K, but then rebounded due to remarks easing Trump's tariff policies, leading to a collective rebound in risk assets, with the daily chart showing a long lower shadow, indicating strong buying support below.

Daily Structure: Currently, it still maintains a high-level box consolidation pattern, with strong resistance at 120K above and key support at 116K below (which coincides with the upward-moving 30-day moving average).

The K-line has repaired the gap with the 30-day moving average, and the high-level consolidation period is nearing its end, with the market facing a directional choice.

Trading volume continues to shrink, reflecting a strong wait-and-see sentiment among off-market funds, and we need to wait for a breakout signal to confirm the trend.

4-Hour Level: After a volume surge that dipped to 116K in the early morning, there was a quick rebound, forming two consecutive bullish candles; however, the volume did not effectively support this rebound, raising doubts about its sustainability.

Intraday Strategy: Pay attention to the resistance zone of 119K-120K above; if under pressure, consider short positions;

Focus on the support zone of 117K-116K below; if it stabilizes, look to position long.

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