After 10 hours of continuous sideways consolidation, the Bitcoin market seems to be caught in a short-term stalemate. This situation often indicates that a significant price movement may be imminent.

Considering that the market has just experienced a significant decline recently, the direction is still unclear, and it is advisable for investors to maintain a wait-and-see attitude. The market may need more time to digest the recent fluctuations and find a new direction.

From a technical perspective, the area around $4700 may be an important resistance level. If the price can break above this level, it may attract more buying interest, driving the market upward. On the other hand, $4500 could be a key support level. If the price falls below this level, it may trigger a new round of selling.

It is worth noting that the latest US Producer Price Index for July (PPI) year-on-year was higher than expected, which may have a certain impact on the overall cryptocurrency market. Investors need to pay close attention to the potential impact of this macroeconomic data on market sentiment.

Currently, mainstream cryptocurrencies such as Bitcoin, Ethereum, and Solana are experiencing varying degrees of pullback. In this market environment, it is crucial to remain patient and cautious. Investors are advised to carefully assess risks before making any trading decisions and to wait for clearer market signals to emerge.