Market Analysis 7.17
Good morning, brothers. Yesterday, I said that the three major positive factors were superimposed and bullish, but we should be worried about Mentougou.
In the afternoon, the negative news about Mentougou suddenly broke out, and the market fell.
Unexpectedly, the market rebounded immediately in the evening,
proving that the current buying power is still strong.
Yesterday, ETF purchase funds exceeded $160 million (BlackRock has not released it).
In recent days, more than $1 billion has flowed in to buy the bottom.
From the on-chain data, Binance saw a phenomenon that has not been seen in a month yesterday.
More than 6,000 BTC flowed out significantly.
This shows that many people have withdrawn their wallets to buy the bottom.
Why are so many funds buying the bottom?
The core reason is still the three major positive factors summarized yesterday.
Currently, there are three major positive factors superimposed:
(1) Powell’s speech on Monday gave a shot in the arm for interest rate cuts.
He said that he would not wait until inflation fell to 2% before cutting interest rates. This is a big positive.
The CPI released last week proved that inflation is falling.
(2) Trump is expected to attend the Bitcoin conference on July 22 (next Monday) to give a speech. The world's strongest boss supports BTC, which is terrifying.
(3) Ethereum ETF may be launched on July 23 (next Tuesday)
As the old saying goes, long-term bullish, but beware of Mentougou continuing to make trouble.
140,000 BTC, only a few thousand have been transferred for compensation
It is recommended to hold the following tokens, don't get off the train easily
Chr, Stx, AR, People
ETH and its three sectors Uni, Ens, Ssv
Japanese Ethereum Astr, Korean Ethereum Klay
