$BTC Bitcoin continues to decline as expected in the downward channel, with defensive levels at 113, 112, 110, and 107, with a critical point at 107. It is important to note that if key positions are breached, it will be considered a bear market. If it turns bearish, it is not advisable to buy in, otherwise, one might get trapped at high levels. However, Bitcoin is not afraid and should be able to rebound.

If you have invested in altcoins, be cautious. Based on experiences from the last bear market, altcoins retraced by 10-20 times. Although many altcoins have already dropped by 10-20 times now, a bear market does not signal a bottom; they could drop to any extent. Moreover, given the unpredictable nature of a non-typical bull market, it is hard to imagine how low altcoins could go.

Additionally, the US-China negotiations have been postponed for three months, and trade talks will not easily conclude. This remains a very critical issue. With the issuance of US debt unable to cover existing interest rates, RRP funds are withdrawing from speculation. The Federal Reserve is unlikely to cut interest rates in September and is still reducing its balance sheet. The US stock market may face a significant correction, and Bitcoin will not be spared.

At this stage, we are already in the tail end of a bull market, preparing for the arrival of the bear market winter. The last few bull market end-of-days vehicles were EOS and ETC; this time, the end-of-days vehicle is ETH!

Now is not a suitable time to enter the market; don't try to catch the falling knife. Capital at the peak will be very painful.