Bitcoin soared above 66,000, will it be a trap for more?
After being suppressed by the 30-day moving average for a month, BTC finally ushered in a major trend reversal: not only did the price break through the 30-day moving average in one fell swoop and rushed to 66k; but it also continued to rise, driving the 5-day moving average to rush above the 30-day moving average. This is the first time that the 5-day moving average has crossed the 30-day moving average since it crossed the 30-day moving average on April 14.
Last night, the CPI fell by 3.4%, which was in line with expectations. The continued slowdown in US inflation data strengthened the Fed's expectations of easing, and Bitcoin soared, but in the final analysis, it was still strong enough. It was said before that BTC does not have the conditions for a long-term decline at all, and the shorts have long been drained. The shorts who are shorting at this position will pay a heavy price for their unwiseness. Their positions that have been wiped out will become a tribute to this round of bull market.
[The next realistic question is here again, will this still be a trap for more? 】
It is not possible to tell whether it is tempting to buy more or sell less in two or three days. The K-line is not necessarily one-sided. There will be fluctuations. The main thing is to look at the general direction. However, there are no more than three times. The previous three times have been tempted to buy more. The general trend has not ended, and the general direction will always be upward. It has been analyzed before that the market will most likely come out before the interest rate cut node, and then the interest rate cut or a period of time thereafter will be a risk period. After the CPI data is released, the expectation of interest rate cuts from September to December has increased. Once the interest rate cut occurs in September, there will be little time to pull up.
So I think it is possible to fall again, but the extent of the fall is limited, and the rise is the general direction. Next, it is estimated that the expectation of interest rate cuts will be hyped again, and the market will gradually improve. The current rebound is to digest the expectation of interest rate cuts in September. The implementation of interest rate cuts in September means a sharp drop first and then a rise. The third quarter may fluctuate sideways, and the fourth quarter will be the climax. The fortune season still depends on the last three months.
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