At the end of July, the technical aspect broke through the 11.5 support and was retracted, also digging a pit to liquidate long leverage, some people will ask if BTC can still be bought now. Currently, global government debt is at an all-time high, and the economy is deeply mired in debt, the inevitability of crazy money printing to 'monetize debt' (which is essentially debt monetization) makes BTC a hardcore tool against the devaluation caused by monetary easing. It possesses the characteristics of a hard asset that can combat currency devaluation, so there is still a considerable amount of space in the future, making this price somewhat reasonable.

🔥 Chip structure and macro resonance: key price range chip solidification (Figure 2)

Currently, Bitcoin has formed a dense chip zone of over 1.2 million BTC in the range of $112,000-$117,000,

1) $117,000: The single price chip stock reached 647,000, with no significant reduction during the pullback;

2) $112,000-$116,000: 623,000 BTC completed a handover, filling the historical gap interval;

3) Cost center: The $5,000 price range carries 1.2 million BTC, forming strong support.

This structure is highly similar to the 'cup and handle' pattern before breaking through $100,000 in December 2024, and historical patterns show that the average increase after a breakout is 30%-50%.

🔥 The current chip zone of $112,000-$117,000 is both a technical 'reservoir' and the next focus will be on the Federal Reserve's interest rate meeting in mid to late September and the implementation of Trump's tariff policy.

Liquidity remains the core clue running through the stock, bond, and crypto markets, and its volatility will significantly amplify in 2025. It is also important to be alert to liquidity disturbances in the market. Currently, it is advisable to maintain flexible positions, closely monitor policy inflection points and on-chain data, and capture strategic opportunities in crypto assets amid the reconstruction of USD credit.