According to TechFlow, Daniel Yan, founder and CIO of Kryptanium Capital and co-founder of Matrixport, said that the market has recovered from the trough in the past week, and BTC and SOL are consolidating at key technical levels. Although he believes that the market has the potential to break through, he also reminds that the current situation is similar to that in early June. At that time, BTC tried to break through the key level of 71,500, but strong NFP data caused the market to fall sharply.
Yan is bullish on the third quarter overall, expecting liquidity conditions to improve and the Mt Gox incident to become a thing of the past. However, he is cautious about the upcoming NFP data, believing that similar market patterns may emerge. In addition, June CPI inflation data will be a key indicator to watch, with the Cleveland Fed expecting June data to be OK, but expectations for July data to be poor. He expressed concern about seasonal fluctuations in energy prices, believing that the rebound in oil and gas prices will affect inflation data.
Yan recommends paying attention to Powell’s speech at the ECB tonight to get his take on the current macroeconomic situation.
