Will Trump's speech at the Bitcoin Conference have a pull-up effect?
Trump will give a speech at the 2024 Bitcoin Conference. The overall market heat is returning. For the time being, the heat is about to return.
Powell's hearings have been dovish for two consecutive days, which shows that this turn will be more sustainable than the previous words. At the same time, Powell this time has further explained one thing, that it is not necessary to achieve the inflation expectation of 2%. So looking back, this time, whether it is macro or Powell's attitude, interest rate cuts are about to happen.
Has Bitcoin reached the bottom? There have been various on-chain data analyses recently. What I want to say is that Bitcoin is at least in the stage of grinding the bottom now. It is still in the process of repeatedly verifying the bottom support, so it takes some time.
At the 4-hour level, it can be understood as the bottom continuous support stage. Although there are currently 2 effective supports, it still needs repeated shocks and adjustments before the market can reach a consensus.
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