Market view on the evening of July 9:

After experiencing strong and intensive selling pressure from the German government in recent times, Bitcoin has once again proved its resistance to pressure and circulation ability after hitting the bottom of 54,000 for the second time. Currently, Germany only has 22,847 coins (US$1.32 billion) left, and there is a high probability that they will be sold out before the end of this week. Judging from the market performance, this negative news has been properly handled and can be ignored.

Just today, Huaqi YH said that the Federal Reserve expects to start a 200 basis point interest rate cut in September, and Bitcoin's ETF has opened an inflow of up to US$295 million today, setting a record for the largest amount in nearly a month. These two pieces of news can be said to have given a shot of strengthening to the current sluggish market, and the resilience of the cottage in the past two days and the Bitcoin Ethereum fee rate have also remained slightly flat, which makes me look forward to the rainbow after the storm.

Pay attention to Powell's speech and a CPI data on Thursday at 22:00 in the evening. These two items will directly affect the probability of a rate cut in September. There will be fluctuations at that time. Good risk control will also be a positive signal for entry. Everyone can prepare well. In addition, Ethereum's ETF will also be launched soon. Although the performance is not as FOMO as the original Bitcoin ETF, we must also pay attention to its ecology. I have been paying attention to only ENS and LDO and have also laid out. Whether it will bloom depends on time.

From a technical point of view, the daily level closed with a small negative line yesterday, with two consecutive positive lines, but it is still below the 120MA moving average. In 4H, it is running at the boll level stage. Overall, it is still fluctuating in the range. Only when it breaks through and stands above 58,000, the rising channel will be maintained. Otherwise, it will still be under pressure and retracement during the day. It is more stable to make peace with the band according to the following range.

Big Pie 4h support: 55380 Pressure: 58362

Yitai 4h support: 2954 Pressure: 3121

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