Short-term trend: From the movement during the day on August 6, Bitcoin continued its downward trend. Yesterday, after touching the support level, Bitcoin rebounded, 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 fall. 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 of $110,000-$111,000.

● Long-term trend: Multiple analysts are optimistic about Bitcoin's long-term performance. Standard Chartered Bank reaffirmed its target of $200,000 by the end of 2025, while Bernstein raised 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 classic technical theory, the theoretical target of this pattern points to above $150,000.