Short-term: From the daytime trend on August 6, Bitcoin has 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, it touched that resistance range again and 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 position of $110,000-$111,000.

● In the medium to long term, many analysts are optimistic about the long-term trend of Bitcoin. Standard Chartered Bank reaffirms its target of $200,000 by the end of 2025, while Bernstein raises its target price from $150,000 to $200,000. Technical analysis shows a breakout of the head and shoulders pattern at the weekly level, with the neckline around $117,000. According to classical technical theory, the theoretical target of this pattern points above $150,000.