8.11-Last night, the US CPI data was lower than expected, which was positive, but Bitcoin began to decline slowly, so everyone should pay attention to the risks.

Time: Friday, August 11, 2023

1. Latest developments:

Last night, the three major U.S. stocks opened high and closed low. The Nasdaq closed up slightly by 0.12%, the Dow closed down by 0.15%, and the S&P 500 closed down by 0.03%. At 8:30 last night, the annual rate of the unadjusted CPI in July was 3.2%, ending a 12-month decline, but lower than the expected 3.3%. The annual rate of the unadjusted core CPI in July was 4.7%, continuing to hit a new low. After the release of the CPI data, San Francisco Fed President Daly said that the CPI data was basically in line with expectations. Whether it is to raise interest rates or maintain interest rates unchanged, it is too early to say. It is expected that there will be discussions on interest rate cuts next year, which will depend on the trend of the economy and inflation. Another chairman, Harker, believes that progress has been made in inflation. In addition, Biden said that inflation data showed that the U.S. economy is still strong, and the United States has made progress in inflation while maintaining a strong economy.

2. Back to the crypto market, Bitcoin did not fluctuate much after the release of CPI data last night. This is a dangerous signal. At present, it is difficult for any data release to affect the weak trend of Bitcoin. After a wave of gains the day before yesterday, Bitcoin began to enter a slow decline mode. It is likely to continue to decline and continue to test the support of 28600. If there is a sudden rebound in the short term, everyone must pay special attention and take profits at highs.

At the 4-hour level, the support is 28600 and 27600, and the resistance is 30800. The trend is shrinking and falling. Please pay attention to the risks. In the current market, Bitcoin is still in a range of fluctuations. There is no clear direction, no reason for a big drop, and no momentum for a big rise. What we have to do is to buy more chips at a relatively low price as much as possible, and invest and layout in batches. In a bear market, we should try our best to protect our funds and use time to buy cheaper chips as much as possible, because we know that the bull market is not far away. Patiently waiting will lead to a bright future. #BTC #BinanceTournament $BTC

(Risk Reminder) The above content is not intended as investment advice. Digital assets fluctuate greatly, so do not go all in!