Today, Thursday, the CPI data for June will be released. Many institutions have completed the accumulation of funds around BTC's 55,000 USD.
The major institutions have basically reached a consensus on the CPI data to be released later today, and collectively suppressed the Fed's interest rate cut in September. When the price of BTC fell to around $55,000 a few days ago, institutions such as Fidelity were constantly accumulating funds, buying BTC by hundreds of millions of dollars every day.
Institutional analysts are optimistic about the June CPI and believe that the CPI data will decline, thus supporting the Fed's decision to cut interest rates in September.
Mingge believes that this is likely to be a collective liquidation of the short positions in the market. Once the data falls, it will strongly support the expectation of interest rate cuts in September, thereby harvesting a large number of short positions in the current market. After all, the sharp drop in BTC in the past few days has already harvested the long positions in the market, and the release of this CPI data is the time to harvest the short positions again. For most of the cottage industries that have been severely oversold, it will be another rare rise!
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