Short-term trend: From the movements during the day on August 6, Bitcoin continued its downward trend. Yesterday, Bitcoin rebounded after reaching the support level, but fell again when it rebounded to the resistance range of $114,000-$114,500 in the early morning. This morning, after touching that resistance range again, it continued to decline. On the intraday level, first pay attention to the range line of $112,500-$113,000. If it breaks below $112,500, the market may directly reach the range position of $110,000-$111,000.

● Medium to long-term trend: Multiple analysts are optimistic about Bitcoin's medium to long-term performance, with Standard Chartered reaffirming a target of $200,000 by the end of 2025, and Bernstein raising its target price from $150,000 to $200,000. Technical analysis shows a breakout of the weekly head and shoulders pattern, with the neckline around $117,000. According to classical technical theory, the theoretical target of this pattern points above $150,000.