Recently, the financial markets have shown signs of instability. The US stock market has experienced a noticeable pullback, with the Nasdaq index opening down 1.63%, and the S&P 500 index also down 0.89%. Although the Dow Jones index has been hovering near historical highs, it has not been able to break through and ultimately experienced a fall. In just two days, the Nasdaq and S&P 500 have wiped out the gains from the previous week.

In the upcoming September, whether the Federal Reserve will announce an interest rate cut has become the focus of the market. Before this important decision is made, it is possible that the market may seek support near the low point of August 1 and continue to oscillate and consolidate.

The US dollar index is currently fluctuating in the range of 98-99, seemingly waiting for clear signals regarding interest rate cuts. London gold prices have consolidated at high levels for four months, and the interest rate decision in September will be a key factor for its future trend.

In terms of Bitcoin, the gap of $114,271 for CME futures contracts has been filled and has fallen below this level. It is currently testing the support level near $119,000. If this support level is broken, the next key position will be the gap around $108,000. In the short term, Bitcoin briefly fell to $112,300, showing a brief pinbar pattern, followed by a slight rebound.

After a week of continuous fall, Bitcoin has reached the support level near $112,000. Although there is support in the short term, whether it can effectively rebound still needs observation of the rise's strength. In addition, the consecutive two-day fall of the US stock market may also impact Bitcoin. If one wants to operate against the trend during the falling trend, it is necessary to closely monitor the support level of $119,000. Once there is a significant fall breaking through this level, investors may need to consider exiting.

From a technical perspective, the rising trend on the Bitcoin daily chart has been broken, and it is currently testing the support around the previous high of $119,000. Investors need to pay attention to whether a false breakout will occur. It is worth noting that the current fall has not been accompanied by a significant increase in volume, and the MACD indicator has crossed below the zero line for four days, which may indicate that the adjustment is still ongoing.

In this complex market environment, investors need to remain cautious and closely monitor various economic indicators and policy signals in order to timely adjust their investment strategies.