Bitcoin has fallen more than 4.5% in the past 24 hours to below $58,500 following the release of the latest U.S. Consumer Price Index (CPI) data, which has led other major cryptocurrencies to also fall.
The short-term support of Bitcoin is 56,000-56,800 US dollars, and the short-term pressure is 58,500-59,500 US dollars. The three major US stock indexes rebounded across the board. Powell may decide whether to cut interest rates in September next Friday. The market believes that the probability of a 25 basis point cut in September is 74%.
The interest rate cut is coming, so why is Bitcoin taking the opposite trend from the U.S. stock market?
I think there are two reasons. One is that the US government may sell Bitcoin. The other is that Bitcoin should have a second retracement from the technical trend. Leng Feng has reminded everyone that Bitcoin will have a retracement around $63,000. Now $56,000 is not necessarily the low point of this retracement. I think the low point will be in the range of $53,000-55,000. Therefore, short-term trading is still mainly about selling high and buying low. In the medium and long term, wait for the retracement to be in place before covering the position.
Traders expect Bitcoin to fall further to $55,000, while U.S.-listed spot Bitcoin ETFs have seen net outflows, while Ethereum ETFs have seen net inflows. As the market becomes more sensitive to U.S. economic data, investors tend to choose more stable assets.
🔥Can These 3 Cryptos Beat Solana? The Next Bull Run Has 100x Potential!
Toncoin is on the rise: Will it be the next big thing in cryptocurrency?
Toncoin is gaining popularity in the cryptocurrency space. The native cryptocurrency of The Open Network (TON), originally developed by Telegram, shows good promise with its proof-of-stake model, ensuring scalability and reliability. Forecasts show that it could surge to $30.30 in the next year, with huge upside potential.
By 2030, the coin could reach a maximum price of $26.04. Toncoin’s focus on providing fast, low-cost payment services and a strong ecosystem makes it attractive in the current market cycle. Community-driven development adds to its appeal, making it an attractive option for those eyeing the next altcoin season.
NEAR Protocol: A promising future for decentralized application development
The NEAR protocol has attracted much attention for its focus on supporting developers to efficiently create decentralized applications. Using Nightshade sharding, it provides better scalability and efficiency. Rainbow Bridge enables transfers with Ethereum, while Aurora uses Ethereum's technology to improve performance.
Forecasts indicate that NEAR could soar, reaching $20.15 by 2025 and $17.46 by 2030. These potential gains highlight NEAR’s bright future in the crypto space, making it an attractive coin in today’s market cycle. Crypto enthusiasts and investors may consider NEAR as a strong candidate for their portfolios.
Jupiter on Solana: The DeFi Revolution Will Bring Huge Progress
Jupiter is making waves in the DeFi space, especially on the Solana blockchain. As the world's top DEX aggregator, it ensures smooth token swaps, futures, and decentralized stablecoin management. With new features such as GMX-style perpetual futures and decentralized stablecoins, Jupiter is expected to reduce custody and regulatory risks.
There is a lot of talk about the JUP airdrop on January 31, 2024. One billion JUP tokens will be awarded to nearly 955,000 wallets. Price predictions suggest a potential upside of 368.58% by 2025 and 304.20% by 2030. Jupiter’s innovative approach and growing ecosystem make it an exciting prospect in the current market cycle.
After a week of volatile trading, retail investors may face increasing pressure. It is crucial to adjust their mentality, because pessimism in the market usually indicates that the main force is conducting a deep wash.
Although the current bull market seems to have ended, with the reduction of interest rates, the future market recovery is still an opportunity worth looking forward to. Therefore, you can consider entering the market in batches. Although there may not be a sharp rise in the short term, the arrival of a bull market is still very likely in the long run.
The current bull market is surging. As I said before, if you don’t know what to do in a bull market, please pay attention. #美国CPI数据连续第4个月回落 #新币挖矿TON #美国7月PPI低于预期 #加密市场反弹 #美联储何时降息？
