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The next few key time points need to be watched:
August 7: The Senate recess
Crypto-related bills are unlikely to pass smoothly
It will very likely be accompanied by a wave of sharp selloff
At the same time, the macro environment fully fails to support a breakout surge
Only up until around the period before and after the U.S. midterm elections in November will the overall situation gradually become clearer and improve
After BTC completes its cycle and finds a major bottom
The market will officially begin to turn upward.