Weekend market dynamics: Bitcoin returned to the weekly support and stabilized and fluctuated, and the altcoin took a breather. The direction is still to be seen next week.
First look at the market, which basically meets our expectations yesterday. Although it did not return to the weekly support in the early morning, it fluctuated and returned to the support in the morning.
We also said yesterday that once Bitcoin returns to the weekly support at the weekend, the altcoin will have a chance to take a breather.
Compared with yesterday's data, the altcoin market value has not changed much, and the market share has decreased slightly. In the stage of Bitcoin stabilization, although the altcoin did not usher in a sentiment rebound, it has temporarily slowed down in sentiment, of course, it is also due to the low liquidity on the weekend. However, the slowdown in the decline of the altcoin is helpful to the pessimistic sentiment of the market, and the specific direction is still to be seen next week.
Next week's PCE data will become the focus of the game, and whether the PCE will be significantly weakened or greatly weakened will determine the market's doubts about the Fed's one interest rate cut. On the contrary, once the PCE data remains elastic and is equal to the former, or equal to expectations, it will basically reduce the market's expectations of the Fed again. Especially in the approaching stage of July.
Bitcoin has not fallen below the falling channel in yesterday's decline, indicating that the market will continue to maintain a volatile downward trend without negative sentiment, and the frustrating market may continue until the PCE announcement next Friday.
Currently, Bitcoin is temporarily stable and safe at the weekly support, but the weekly line will change next week. Whether this position will become resistance or pressure at that time will require more attention. Once the weekly line continues to move up and the price continues to fall, we will continue to look at the support below.
