[Renowned Trader: Bitcoin is Still in Range-Bound Consolidation and Near Bear Market Lows] BlockBeats News, August 2 – Renowned trader Killa posted that as BTC enters a new monthly cycle, the market has developed a strong bearish narrative, which increases the likelihood of a bullish reaction at the beginning of this month. He pointed out that historically, when BTC enters a new phase under clear bearish sentiment, it often experiences a countertrend move. This pattern only tends to fail when a major trend reversal is imminent, such as in November last year and February and June this year. Killa believes that BTC is currently still in a range-bound consolidation and near bear market lows, presenting two possibilities: 1. The price breaks below $57,000 one last time. 2. It begins to rebound upward this month and continues to trade within the range. Even if BTC continues to decline later, an initial rise of 2% to 4% at the beginning of this month would better align with the current market structure. [Original Link]