Powell emphasized the importance of the labor market, and St. Louis Fed voting member Moser also stated that he would rely on the September non-farm payrolls and unemployment rate to determine the direction of interest rates, creating a subtle game between rate cuts and recession expectations. If rate cuts are seen as a positive, the market may restart its upward trend; if concerns about recession prevail, it could trigger further declines.

From a data perspective, the decrease in turnover rate over the weekend is normal, with short-term investors trading relatively balanced, and the $112,000 level still providing support. Currently, the market's expectation for a rate cut in September has returned to 75%, but the overall adjustment may not be over. The future direction of BTC will likely depend on the emotional response after the U.S. stock market opens and how investors reinterpret Powell's speech.

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