There is currently a shortage of funds in the crypto market, which mainly flows to technology stocks, U.S. bonds, money market funds and overnight repurchases, etc., causing disruption to the liquidity of the currency market. In August, there may be 102 billion US dollars of treasury bonds to further disrupt market liquidity, especially affecting the currency market.

Today, Bitcoin fell below 29,000, forming a completely broken trend. There was a rebound near 29,000 before, but today's breakout means that the space below the short position has further expanded, and it is expected to continue to fall. In the short term, the upper pressure is around 29300.

In the evening, you can refer to the short market near 28900-29000, set the defensive position at 29300, and first look at the target near 28400.