According to BlockBeats, on July 5, Matrixport’s latest weekly report pointed out that the Federal Reserve is expected to start a rate cut cycle in September or December at the upcoming FOMC meeting. Although the benefits of the expected rate cut may be difficult to achieve this year, this keeps Bitcoin’s volatility at a relatively low level.
Additionally, Bitcoin will temporarily escape selling pressure as monetary policy and the U.S. presidential election are seen as positive factors.
Yesterday, BTC plunged downward, approaching 53k. It then automatically rebounded and has remained above 56k. The crypto market suffered a comprehensive bloodbath, from the local high of 63.8k on July 2 to the lowest of 53.3k on July 5, with a drop of only 16% in 4 days. This is compared with the 2021 "519" from the local high of 59.5k on May 10 to the plunge of 29k on May 19, with a drop of 51% in 10 days. In comparison, "75" (July 5) is nothing compared to the big one.
Bitcoin is only one strong support level away from the 50,000 mark, which shows that the bears are extremely strong. If it falls below this level in the future, it will enter the 4 era. Has it fallen to the bottom now? No, it will take a long time to bottom out and seek support, so there will be a downward wave after a rebound. In the short term, 58800-60000 has formed a strong pressure zone.
Last night, non-agricultural
The market was shaken again.
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The data slightly exceeded expectations, and fell sharply month-on-month.
What is even more speechless is that
The number of new non-agricultural jobs in the first two months,
Once again, there was a significant downward revision.
In June, the average hourly wage rose by 0.3% month-on-month, in line with expectations, and declined from the previous value of 0.4%; the year-on-year growth rate was 3.9%, in line with expectations, and fell below 4% for the first time since 2021.
The weakening of employment data.
Combined with the poor manufacturing data in the previous period,
It seems like they are really preparing for a rate cut in September.
Bitcoin has suffered a severe decline this week, with the lowest point yesterday (5) reaching $53,269. Although it has rebounded to above $56,000, if Mt. Gox's entire compensation cycle may last for three months, it may bring longer-term selling pressure to Bitcoin.
However, the dynamic zone has also reported that Galaxy research director Alex Thorn believes that there are three reasons why the selling pressure on Mt. Gox will be less than expected. Is this decline caused by Mt. Gox creditors selling or market panic? It is still hard to say, so let us continue to observe.