Powell fired a short shot again, and the Bitcoin hit a second bottom. Will the recent bullish selling pressure cause the index to fall below 60,000?

Brothers, things are not going well. A needle pierced the 60,000 mark overnight and the price dropped to 59,600. Obviously this was a significant secondary dip.

Last night, Powell once again spoke empty words at the European Central Bank forum, and played Tai Chi on the specific timing of the interest rate cut. Fortunately, Powell's overall speech was dovish. Influenced by this news, the Nasdaq rose 0.7%.

Did you think that Powell's dovish stance would lead to a rise in the market? In fact, it did not rise but fell instead. It feels as if the market has been hollowed out recently and cannot recover.

There are several reasons why the market fell instead of rising. First, the market selling pressure was heavy, which will be analyzed in detail below. Second, after Powell’s speech yesterday, a Jolts job vacancy data was released, which showed that job vacancies increased significantly.

This is equivalent to a disguised indication that the employment rate has risen, and the economy is naturally good. In this case, why would the Fed cut interest rates? So it is bad news for the crypto community, so it is not surprising that the market crashed.

In addition, according to a survey provided by the Grayscale research team, the selling pressure in June came from: the liquidation of MT.Gox, the shipment of the German government wallet, the realization of crypto assets seized by the US Ministry of Justice, and the reduction of holdings by miners to make a living after the halving, etc.

The Grayscale team finally concluded that if there is no major change in the macroeconomic outlook, the valuation of the crypto market is expected to recover in the coming months. One reason is the continued capital inflow capacity of the Bitcoin spot ETF, and the other is the launch of the Bitcoin ETF.

In the past three weeks, Bitcoin ETFs have shown a net outflow, but this phenomenon is expected to improve significantly in July. According to the data, Bitcoin outflows of $598 million and $582 million in the first and second weeks respectively, while in the third week it decreased to $30 million.

This shows that market sentiment is developing in a positive direction. If the second bottoming out is successful, Yumo thinks that the market will most likely surge upward, and it is very likely to break through 71,000 points. Judging from the current situation, the high cost-effective chips of Shanzhai have already appeared, and the market fluctuations are the time to enter the market.

In short, finally back to the core, in the bull market, what to buy? How to buy? It is very important, but when to sell is more important. If you want to know more about the interpretation and strategy of the market, add a follow, find Yumo, and gallop in the crypto circle together.

Yumo interprets the market

Pie: It basically continued to fall during the day and fell below 60,000 points again, reaching a relative bottom in a short period of time. There may be a rebound tonight, but the market reversal still needs further confirmation. Let's see if it can return to 61,000 points. The upper pressure level is 61,000 and the support level is 58,500.

Auntie: The market is just as I predicted this morning, continuing to go down. Let’s see if it can recover 3300 points first. If the market cannot recover in time, it will continue to hit new lows. The upper pressure level is 3400 and the support level is 3250.

For the altcoin sector: The altcoin sector has fallen terribly. The current market is unstable. For the time being, wait and see. Wait until the market stabilizes before building a position. You can pay attention to the MEME sector and the SOL ecological sector.