Above BTC at 64,200 is the first resistance level, and it’s also the key point where major players have laid out their short orders. In a bear market, all rallies are essentially bait to lure traders and fire off fake breakouts. Around 61,000 is the support level where major players have positioned long orders in advance. August 7 is the final deadline for the passing of the crypto structural bill—the only certain opportunity the market has. That is to wait for the thematic-driven trading rally before this time node. Historically, September and October are always periods of particularly poor market performance and a downside window. This current sell-off will set up a rally in the lead-up to the U.S. election in November, completing the cleansing of positions in advance.