Currently, the market is facing two key issues. First, if this is just an ordinary pullback, we need to determine where the bottom is. According to the continuously released data, the URPD gap is at $112,000, and this gap will eventually be filled, perhaps during this adjustment.

Regarding the support levels, we can focus on two important ranges: $103,500 to $108,500, and $93,500 to $98,500. The former has a significant number of short-term investors participating, and its stability is somewhat lacking, but it should hold up in the absence of major negative news. The latter shows stronger stability, and even if it is broken, it is expected to recover quickly.

Overall, the current market conditions do not pose a systemic risk. Although the turnover rate has increased, such a degree of decline occurs every month. Looking back recently, we have experienced similar declines caused by disputes between historical whales and a certain well-known figure. Even during times of concern over monetary policy, the market was able to quickly return to the support level of $93,500. These factors have strengthened my confidence in the market.

Currently, the weekend market is worth paying attention to. Looking ahead to next week, the market focus may shift to the position of the Federal Reserve resigning director. New nominations are expected to be announced before August 8. This could expand the influence of certain factions within the Federal Reserve, having three voting members, which could be a positive signal for the market.

Overall, despite inevitable short-term fluctuations, the market fundamentals remain robust. Investors should stay calm, focus on long-term trends, and closely monitor policy changes and the performance of key support levels.