The US economy is improving, and analysts are betting on a rate cut in September. The price of bitcoin rebounded in response.

On the evening of July 25, the Bureau of Economic Analysis (BEA) of the US Department of Commerce released data showing that the initial quarterly annualized quarterly growth rate of real GDP in the second quarter of the United States was 2.8%, exceeding the expected 2% and far exceeding the previous value of 1.4%; the initial quarterly annualized quarterly growth rate of the core PCE price index in the second quarter of the United States was 2.9%, exceeding the expected 2.7%, and significantly slowing down from the previous value of 3.7%.

Institutional analysis believes that the GDP and PCE price index in the second quarter of this year show that the US economy is expected to achieve a "soft landing", that is, inflation is steadily cooling while economic growth is stable. This is good news for the Federal Reserve, which is working hard to achieve a soft landing of the economy and may start cutting interest rates as early as September.

Just this piece of news forced the price of bitcoin to break through the pressure level of 66,200 and reversed. The short position of 67,100 was also stopped at 66,200 in the morning, making a lot less money. Who would have thought that the big bitcoin would do this? Continuing today's analysis, from the K-line, the 1-hour and 4-hour levels are in an upward trend, and the 12-hour level will enter an upward trend after 12 o'clock. If nothing unexpected happens, the daily level will also return to an upward trend tomorrow. The intraday pressure level is 68,000 and the support level is 65,300.