After Bitcoin's price was pressured at the previous high of 115900, it broke below the previous support level of 113500, and no significant signals for a stop loss have appeared. During the trading hours, the downward movement has occurred, and in this decline, the trading volume has shown a phase of expansion — contrasting sharply with the prior period of fluctuation where "insufficient volume" was noted, reflecting an increased willingness to sell in the current market, which has consistently lacked new funds getting on board. After the balance between bulls and bears was disrupted, the issue of "insufficient buying" has been magnified. Especially after the price broke below the critical support of 113500, some investors triggered stop loss orders, leading to a "liquidation-style decline," further exacerbating the drop. The continued downward movement during trading hours reflects a shift in market sentiment to caution, as observing funds are unwilling to enter. If the 110000 level cannot attract enough buying, the price may further dip to the range of 108000-105000.

==================================

💎

💎
==================================

From an external perspective, tonight's speech by Federal Reserve Chairman Powell has become the biggest variable. Since last month's FOMC meeting, the divergence in market views on the direction of the Federal Reserve's interest rate policy has continued to widen - some investors believe that the current inflation data has receded, and the Federal Reserve may start a rate-cutting cycle; however, there are also views that the job market remains resilient, and the Federal Reserve may maintain high interest rates to consolidate the results of the inflation decline. As Powell is the 'core spokesperson' of the Federal Reserve, his statement will directly impact the trends of key assets such as the US dollar index and US Treasury yields. Before Powell's speech is delivered, the market is likely to maintain a pattern of 'cautious observation + downward movement testing'. If the speech releases 'hawkish signals' (such as emphasizing the maintenance of high interest rates), it may further suppress Bitcoin prices, increasing the risk of breaking through the 110,000 mark; if it releases 'dovish signals' (such as hinting at the possibility of future rate cuts), it may provide rebound momentum for Bitcoin, alleviating the current downward pressure.

==================================

💎

💎
==================================

For more details, follow the Yibo Shuo Bi evening live broadcast to chat together.