According to CoinMeta, analyst Axel Adler Jr stated that BTC has retraced approximately 50% from its cycle high of $126,200 in October 2025 and is expected to trade in the range of $57,700 to $67,000 in August. In a bearish scenario, BTC could test $52,800; however, for a bullish scenario, it needs to hold above $67,000 and be accompanied by capital inflows, with targets set at $71,000 to $74,000. The current on-chain cost level and the net inflow of spot Bitcoin ETF provide support, but high interest rates, U.S. Treasury yields, and the trend of the dollar limit the upside potential. The market should pay attention to macroeconomic events such as U.S. non-farm employment data, CPI, and the Jackson Hole Central Bank Symposium.