Market Analysis
Information
Recently, the US economic data has raised expectations of a rate cut, and it is highly likely that the US will not cut interest rates in September. In addition, the Ethereum spot ETF is temporarily unable to be launched, and the sell-off brought by the German central bank. Bitcoin has risen first and then fallen this week, and it has now reached an important support level of around 56500 points. Let's see if a double bottom structure can be formed here on the daily chart.

The minutes of the June Federal Reserve meeting reiterated the officials' wait-and-see stance. The minutes indicated that they believe more data is needed to confirm whether they have the confidence to start cutting interest rates, and most believe the U.S. economy is cooling. Federal Reserve officials hinted that they are not in a hurry to cut interest rates and are generally satisfied with the wait-and-see stance.
Fed Chairman Powell has maintained a vague stance on interest rate cuts in September and emphasized that employment data is his top concern.

Technical Analysis
There is no downtrend on the daily chart, and the market is panicked selling. Currently, the buying pressure is relatively weak, but the daily chart has reached an important support level near 56,500 points. Pay close attention to whether a double bottom structure can be formed. The downtrend on the 4-hour chart has not stopped, and there is a rebound demand on the hourly chart due to overselling. For now, it is mainly about waiting and observing, and waiting for further notice on contract orders.