According to TechFlow, Daniel Yan, founder and CIO of Kryptanium Capital and co-founder of Matrixport, said that the market has recovered from the trough in the past week, and BTC and SOL are consolidating at key technical levels. He believes that the market has the potential to break through, but also reminds that the current situation is similar to early June, when BTC tried to break through the key level of 71,500, but strong NFP data caused the market to fall sharply.
Yan is bullish on the third quarter overall, expecting liquidity conditions to improve and the Mt Gox incident to be a thing of the past. However, he remains cautious about the upcoming NFP data, believing that similar market patterns may emerge. He also mentioned that June CPI inflation data will be a key indicator to watch, and the Cleveland Fed expects June data to be OK, but has poor expectations for July data.
Yan suggested paying attention to Powell’s speech at the ECB tonight to understand his views on the current macroeconomic situation.