Although Bitcoin has shown a long-awaited increase on the first day of July, it remains to be seen whether the trend has reversed. The following is a brief overview of relevant economic data and events:

Global Manufacturing and Service PMI:

This week (July 1-July 7), China will release the Caixin Manufacturing and Service PMI for June. The United States will release the June ISM Manufacturing and Non-Manufacturing Index. Europe will also release the HCOB PMI index.

US Non-Farm Employment:

In addition to the PMI, the United States will release the seasonally adjusted non-farm employment population change data for June 2024 at 20:30 on July 5 (Friday), with a previous value of 272,000 and a forecast value of 190,000. Economists expect the unemployment rate to remain at 4%, and the average hourly wage is expected to increase by 3.9% from June last year, the smallest annual increase in three years.

Federal Reserve FOMC meeting minutes:

The Federal Reserve will release the minutes of the Federal Open Market Committee (FOMC) meeting in June on Wednesday evening, which can further analyze the attitudes of officials. However, the attitudes of most officials have clearly become conservative in recent months, so expectations should not fluctuate too much.

Although Bitcoin performed well on the first day of July, whether it has reversed its trend still needs to pay attention to subsequent economic data and policy trends. In particular, the upcoming PMI, non-farm payrolls data and FOMC meeting minutes will have an important impact on the market.

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