Market Analysis 6.11
Good morning, brothers. BTC is trading sideways.
But altcoins including BNB have fallen sharply.
BNB fell below $630, which is unusual.
BNB was always strong before, and the correction this time was a bit large.
On-chain data shows that stablecoins have been flowing out of exchanges in the past two days.
After the opening of yesterday's ETF, there was not much inflow of funds, and some of them were 0.
Several have not yet released data. The current total outflow is $32 million.
This week, we will focus on three major events.
(1) CPI data will be released at 8:30 p.m. tomorrow. If it is lower than expected, it will be positive. If it is lower than expected, it will be negative.
(2) At 2:00 a.m. tomorrow, the Federal Reserve will release its interest rate decision and economic outlook summary (FOMC meeting).
(3) At around 2:30 a.m. tomorrow, Federal Reserve Chairman Powell will deliver a speech.
The June FOMC meeting will be one of the most critical meetings this year, because Powell will give the clearest hint yet on the timetable for rate cuts.
Although the non-farm data exceeded the target, the previous data showed an economic recession.
Powell's speech should be dovish.
So it depends on CPI to determine whether BTC will fall further.
Before the data is released tomorrow night, reduce your position to at least 40% today.
Don't be afraid to reduce your position, because you can buy it back at any time if you sell it.
As long as the price drops by 1%, you can get more coins if you buy it back.
It is similar for both spot and contract.
If the CPI is positive, buy it again, the difference will not be more than a few points.
The current currency circle should lower expectations and seek stability.
The secondary market is not easy to invest in. ZK and Blast are about to issue coins.
You can pay attention to the meme coins on the new public chain in the near future.
