The US May "horror data" is coming, and most of the Fed officials will take turns to speak on stage. How will Bitcoin go this week?

Tomorrow at 20:30 on Tuesday night, the United States will release May's retail sales data. According to analysts' predictions, it may undermine the current optimism. After a decline a month ago, retail sales data is expected to grow by 0.3% month-on-month in May, which means that consumer spending power is still strong. Then the Fed's expectations for the next rate cut may be shaken, and the timing of the September rate cut will be postponed again.

In addition, after the release of the dot plot predicting only one rate cut in 2024, several Fed officials will speak out. The market expects them to continue to "repeat the old tune" and move closer to the speech of Fed Chairman Powell, saying that although the May CPI data is "good data", more data is needed to show that inflation is returning to the 2% target. There is a possibility of a rate cut in September, but it still needs to rely on more data.

After talking about the macro side, let's talk about the market. Bitcoin has been in a sideways fluctuation in the past few days. Yesterday, it even fell below $65,000, the first time since May 16. I think the recent poor performance is not due to fundamental problems, but a lot of things happened in the external environment, such as the postponement of the US interest rate cut, the theft of the OKX exchange, and the ZK airdrop being lower than expected, but there were no serious negative events in the actual Bitcoin.

At this time, I will patiently invest, buy more as the price drops, wait for the flowers to bloom, and be friends with time.

Originality is not easy, please follow me and I will slowly get rich with you.

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