The large pancake begins to test the two major support levels of 113000 and 112000. Whether it can hold depends on whether the US stock market can stop falling. With the release of US macroeconomic data this week, along with the farce of yesterday's non-farm payroll data revision, expectations for a rate cut in September have fluctuated. The US stock market has started to decline significantly over the past three days. MicroStrategy, Coinbase, and other cryptocurrency-related stocks have continuously fallen for two weeks, which completely aligns with the overall downward trend in the crypto market.
