Last week, the U.S. Department of Labor released CPI data for July, which was slightly better than expected. Afterwards, U.S. stocks started an upward trend that lasted for a week, and gold recently refreshed its ATH, further pricing in interest rate cuts. The performance of crypto market has been weaker than other markets, with BTC and ETH almost at the same price level as a week ago. On Friday, Powell will speak at the annual meeting in Jackson Hole. The market has basically acquiesced that interest rates will be cut in September. The point of disagreement is whether to cut interest rates by 25 bp or 50 bp.
Cash-flows to the BTC ETF and ETH ETF have been subdued over the past seven days. This is in contrast to the US stock market. It seems that the enthusiasm of traditional funds for crypto is gradually declining. This also reflects that funds may be flowing to other assets.
As we predicted last week, BTC remains fluctuating, with the price remaining the same as it was 7 days ago. The strength of the bears has diminished but the strength of the bulls has not increased. Both bulls and bears are waiting for new trend confirmation. So all indicators are calm. The blue columns representing whales does not appear on the WTA indicator. The ME indicator shows a slight bearish trend due to long-term fluctuations.
In summary, we believe that BTC will continue to remain fluctuating this week, and volatility may increase on Friday. We maintain our original resistance level 62000 and support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Cash-flows to the BTC ETF and ETH ETF have been subdued over the past seven days. This is in contrast to the US stock market. It seems that the enthusiasm of traditional funds for crypto is gradually declining. This also reflects that funds may be flowing to other assets.
As we predicted last week, BTC remains fluctuating, with the price remaining the same as it was 7 days ago. The strength of the bears has diminished but the strength of the bulls has not increased. Both bulls and bears are waiting for new trend confirmation. So all indicators are calm. The blue columns representing whales does not appear on the WTA indicator. The ME indicator shows a slight bearish trend due to long-term fluctuations.
In summary, we believe that BTC will continue to remain fluctuating this week, and volatility may increase on Friday. We maintain our original resistance level 62000 and support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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