The selling pressure of the US stock market and Grayscale are the main factors leading to the price drop. In particular, the intraday ETH fell too much, causing BTC to follow the decline, and the market sentiment gradually turned pessimistic.
This week, there are still two important hot spots that may bring a turnaround:
1. Tonight's GDP data and tomorrow's core PCE economic data will be released.
2. On the 27th, Trump and relevant lawmakers will attend the crypto conference.
Despite this, the overall situation is still not too optimistic. If these two narratives are positive, and the BTC price cannot break through the daily 70,500 position, the market may then start trading on the expectation of a rate cut and face the risk of a volatile callback.
The most critical thing is Trump's performance on the 27th. Whether he can throw out a narrative with continuity and heat in his speech will have an important impact on the market.
