How should we view Bitcoin's future market performance now? Is Bitcoin about to enter a bull market?

First, observing the market volume, the recent performance of the bulls is better than the bears, and the price is again close to the key level of $58,300, which is a resistance level that has not been broken on the 4-hour candlestick chart many times before. Once the price reaches this level, the market tends to usher in a correction.

In addition, the trend of the Nikkei index and US stocks. The Nikkei index fell under the influence of the appreciation of the yen, but soon recovered its losses and began to rebound. The US stock market also showed a strong upward momentum, and the price trend of Bitcoin has been closely related to the rise of the US stock market recently.

From the perspective of macroeconomic data, the US Treasury market has not yet rebounded, which is a positive signal for the market. If the Treasury market rebounds, it may attract funds to flow out of the stock market, which will put pressure on the price of Bitcoin. This week's CPI data is in line with market expectations, with a slight increase month-on-month, but it did not exceed the expected range. After the data was released, the market's expectations for the Fed's 50 basis point rate cut were reduced, which led to large fluctuations in Bitcoin and US stocks.

Nevertheless, the rate cut will come after all, and the overall trend remains bullish. The strength of Bitcoin’s recent rebound is encouraging, and BNB’s performance is equally eye-catching.