This bull market is like a "water buffalo"!
Typical characteristics are as follows:
1. The trend is similar to that of US stocks, and there is no independent market trend
2. It cannot be pushed by major positive factors; halving, $ETH #ETF, presidential candidates holding coins and other major positive factors cannot trigger the market
3. It is weaker than big technology; compared with S&P, it follows the decline but not the rise; the trend is not as good as NVDA/META/GOOG/AVGO, etc.
4. It is led by the nose by US macro data and the attitude of the Federal Reserve; it has no temper at all.
5. If the US does not release water and monetary easing, the economy will not be strong; the EU, Canada and other countries did not respond to rate cuts
Looking back at the past ten days of big fluctuations:
June 4, US JOLTs job vacancies - small positive;
June 5, US ADP employment - positive;
June 5, the Bank of Canada cut interest rates for the first time - small positive;
June 6, initial and continuing unemployment claims - small positive;
June 6, the European Central Bank cut interest rates for the first time - positive;
June 7, US non-farm payrolls - negative;
June 7, US unemployment rate - small positive;
June 12, US May CPI - big positive;
June 12, Fed meeting dot plot - big negative; Powell's speech was hawkish;
June 13, US May PPI monthly rate - positive;
The trend of $BTC is completely controlled by these macro data
On June 6, it peaked at 71,700, and then faced negative news, breaking through and fluctuating downward
The S&P and Nasdaq ignored the negative news and set new highs; A big negative news of fake non-agricultural data and the Fed's dot plot showing only one interest rate cut this year made BTC shaky; If yesterday's CPI was negative, I believe BTC would have returned to 60,000 now,
So BTC is a "water buffalo".
