August 15th Bitcoin Market Analysis

BTC plummeted 7K points last night, dragging down the market, with total market value shrinking by 4%. Panic selling is escaping, but there is no need to be overly pessimistic—expectations for interest rate cuts next month still exist, and the negative news is being digested more quickly. ETH has shown resilience against declines, with deep V-shaped reversals confirming the determination of funds to protect the market, and the pullback is indeed a healthy deleveraging.

The SEC has postponed the decision on the Solana ETF until October (Bitwise/21Shares proposal), facing short-term pressure. Key indicators are showing abnormal movements: the altcoin index has rebounded against the trend to 44, revealing that in this round of declines, BTC's drop is greater than that of altcoins, indicating the initial signs of fund rotation.

Operation Suggestions:

Intraday support level: 117000-117500 Go long

Intraday resistance level: 121500-122000 Go short

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