On-chain data showed a decrease in turnover yesterday, suggesting that investors may be prepared for no interest rate cut in September. According to URPD data, 1.607 million Bitcoins are accumulated in the $100,500-107,000 range; 1.568 million Bitcoins are accumulated in the $93,500-98,500 range. Overall, after a short-term correction, the overall structure of $btc and #btc suggests the correction may be nearing its end. The current market focus is on the key support level of $112,000. If it holds, the bullish trend is likely to continue; if it unexpectedly breaks lower, the most pessimistic scenario is a drop to $101,000, but this risk is relatively low. The greater uncertainty lies in tonight's Jackson Hole Annual Meeting. Powell's speech will be a bellwether for the market. It is expected that he will continue to adhere to a "data-driven" stance and will not explicitly state whether there will be an interest rate cut in September. However, if the speech conveys a signal that "interest rate cuts are not ruled out", it may be interpreted by the market as a positive sign. We need to be vigilant about potential sharp fluctuations during the meeting tonight.