🔥After the evening data was released, CPI was lower than expected, which was a positive sign. Then the market took a sharp turn for the worse. This could be due to the following three reasons:
1. The surprising thing in the CPI report is that rents are rising faster, indicating that inflation is still a bit high. The Fed is likely to choose to slow down the first rate cut and then consider a larger rate cut. So the market is a little disappointed.
2. Iran’s banking system suffered a large-scale cyber attack
Initial assessments indicate that this could be one of the largest cyberattacks against Iran’s national infrastructure. Iran was not prepared to cause trouble, but this has increased the possibility of conflict.
3. Some BTC transferred from Mentougou have been continuously shipped during this period, which will also bring selling pressure to the market
Last night, 33,105 BTC were transferred from the wallet address of Mentougou, with a value of approximately US$1.97 billion.
🔥It can be predicted that with the release of CPI, the market is likely to experience turbulent fluctuations!
Market expectations:
The market expects the CPI inflation rate to hover around 2.9% year-on-year, however Trading Economics’ forecast is slightly higher, at 3.0%!
2.9% CPI inflation (expected): This is seen as neutral to the market as it is exactly in line with current expectations and has already been factored into market prices.
CPI inflation rate below 2.9%: If the inflation rate is lower than the expected 2.9%, it will undoubtedly be a major positive for Bitcoin, and it is likely to cause a slight increase in prices, like a spring breeze, bringing a touch of warmth.
CPI inflation above 2.9%: If the inflation rate soars above 2.9%, for example, reaching 3% or even higher, then this will become a frightening negative signal, and it is very likely to cause short-term prices to fall off a cliff, like a ruthless storm.
🔥With Bitcoin returning to $60,000 yesterday, these three meme coins will lead a new round of gains!
$DOGE
With a market cap of 316 million, Dogecoin ranks 212th in the cryptocurrency market. On the daily chart, Dogecoin is showing a bullish breakout of a falling wedge pattern.
However, the dynamic resistance at the 20-day EMA curbs the bullish growth. Nevertheless, Dogecoin is preparing for the continuation of the uptrend, with a recent retest and reversal after breaking out of the trendline.
Currently, Dogecoin is trading at $0.10236 with an intraday gain of 5.25%. A breakout of the dynamic resistance level could result in a massive price increase of 67% to the next resistance level at $0.005358. The next resistance level is $0.007279.
$HIGH
The Gigachad token has a market cap of $187 million and has grown by 32% in the past seven days. On the 4-hour chart, the GIGA token price is showing a bullish breakout of an inverted head and shoulders pattern.
The key 50 and 100 EMAs have registered a positive crossover on the 4-hour chart as the bullish influence grows. The memecoin has rallied 26.49% over the past 24 hours, forming a string of bullish candles.
According to the trend-based Fibonacci levels, MemeCoin has surpassed the 50% Fibonacci level at $0.01875 and is heading towards the 100% Fibonacci level at $0.02379.
If the bullish momentum continues, a potential breakout rally could reach the 1.618 Fibonacci USD at the 0.0300 psychological mark.
$Turbo
Following a sharp rally in late May, memecoin Turbo is trading sideways on the daily chart. With a market cap of $271 million, TURBO ranks as the 216th largest cryptocurrency.
The meme coin is up 5.56% in the past 24 hours. Currently, it is trading at $0.00419, slightly down from the 20-day EMA. TUBRO’s fate depends on the consolidation range between the 100-day EMA and the 20-day EMA.
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？
