The final decision time for the Bitcoin spot ETF application by financial institutions should be as early as August, so there is really no direction for Bitcoin this month. Currently, the market is truly like a dull knife cutting meat; those playing trends will be killed off. So, indeed, timing is more important than strength for now, and there's no need for analysis or operations at the moment. It is quite clear that 31,800 has already indicated a relatively large adjustment, and it’s impossible to recover immediately; there should be a period of continued consolidation afterward. The good news is that Ethereum's exchange rate has started to rebound, and Bitcoin's market share will also be adjusting for a while, so there is a small position holding expectation for better altcoins. For example, recently L2 projects have been relatively stronger.

Because the mid-term big trend is still a bit early, it’s better to rest for now. Since it broke below 29,700, theoretically, the adjustment at 31,800 is not over yet; let’s see where it finally ends. I personally feel that a pullback is an opportunity, with a major support around 28,400, but it may not necessarily reach that level. There’s no point in analyzing further for now; if the market continues like this, there’s no need to analyze either. Overall, my view leans toward sideways oscillation above 28,400 (actually not much space), with a mainly optimistic medium to long-term outlook.