Last week's PPI data and the initial easing of dual negative factors cast a shadow over the expectation of a rate cut in September. Tariffs continue to heat up, and institutional long positions are taking profits, while hedge funds are heavily shorting, leading to a temporary peak in Bitcoin's performance.

In just a few days, Bitcoin plunged to test the bottom again, forming a technical peak. The current performance is merely a temporary peak, as it has yet to break below the 4000 mark.

Currently, the market is focused on two major events: this Friday, Old Powell will speak at the Jackson Hole Global Central Bank Annual Meeting, which may open the door for a rate cut in September; secondly, there is the Federal Reserve's interest rate decision in September.

Rate cut? Will Bitcoin's performance really surge? Not necessarily, unless there's a 50 basis point cut, which would trigger a significant surge. A 25 basis point cut would only lead to a small rebound, after all, the entire month of August has already priced in the expectation of a rate cut.

Currently, Bitcoin's performance has basically reached our expected 11.3/4000 level. How should we operate next?

In the short term, I do not recommend blindly chasing shorts; the double lows have support and will rebound. In the next couple of days, try to focus on low buying as much as possible, even if you want to short, try to set the position higher.

Bitcoin resistance level: 11.45-11.5 million area

Performance resistance level: 4250-4270 area #BTC#