The Fed Chairman made a big statement late at night! Will there be a rate cut in September? How will Bitcoin go in July?
Fed Chairman Powell said on Tuesday that although data shows that inflation has made significant progress, more evidence of a decline is needed before a rate cut can be made. Overall, the speech is positive. The U.S. stock market closed, and the three major indexes closed up collectively, with the S&P and Nasdaq hitting new closing highs!
The U.S. stock market is jubilant, so what about Bitcoin? On July 2, Bitcoin closed at $62,134, which is still relatively strong above $62,000. On the one hand, macroeconomic data is positive, and on the other hand, more importantly, Bitcoin spot ETFs have been inflowing for 5 consecutive days.
So, will Bitcoin hit a new high in July?
From a technical point of view, Bitcoin is still below the 50-day EMA line, but above the 200-day EMA, indicating that the large "bull-bear trend line" has not been broken. If Bitcoin can break through $64,000, the short-term 50-day EMA line will also turn upward, and there will be momentum to break through $69,000.
If it goes down, there is strong support at $60,365, and EMA200 can also play a role below.
Overall, July is more inclined to a volatile upward pattern. With the approval of the Ethereum spot ETF, the market will not be too bad. Hold on to the chips in your hand and wait for the wind to come!
