Tonight's CPI has raised the probability of a rate cut in September to a high level again, and some Wall Street traders have begun to expect three rate cuts this year (I personally think it's a bit too much).
The certainty of the rate cut that everyone has been thinking about has come, but the US stock market opened higher and then fell, and the crypto market also rose and fell again at the beginning of the data release.
Bold assumptions, cautious analysis, welcome to Uncle Cat's crypto "channel"
We mentioned the view before the data was released today. If the data is positive,#BTCcannot effectively break through and stand firm at 60,000, then it will not be able to change the downward trend at the daily level, and there is still a risk of decline, especially the current retracement to the weekly support of 57,700 has not held up, indicating that the positive sentiment of the rate cut in September and even the second rate cut in December has basically been exhausted.
From this week to next week, the available bullish sentiment is cautious about the#ETHETF. The current ETF gossip is that it may be passed next Thursday, July 18, but the ETF has been fermenting for nearly half a month. If it is really passed next week, I am afraid that the bullish enthusiasm will be exhausted, just like the expectation of interest rate cuts.
If the ETF is not passed this week, then Bitcoin will not be able to break through and stabilize at 60,000 before the close of US trading hours on Friday morning, then the risk of shock or continued decline will be greater. Although the data is positive, the bullish sentiment is indeed weak enough. Let's see if it will be powerful in the Asian session tomorrow morning.
PS: At present, ETH is obviously harder than BTC.
