Alas, what a pity, this round of Bitcoin bull market turned out to be a "watered bull"!
Typical characteristics:
The trend is similar to that of US stocks, and there is no independent market. Many major positive factors such as halving, Ethereum ETF, and presidential candidates holding coins and shouting orders cannot drive the market. Compared with the S&P, it follows the decline but not the rise, and its trend is not as good as NVDA, META, GOOG, AVGO and other big technologies. It is influenced by the US macro data and the attitude of the Federal Reserve and has no autonomy. The United States cannot be bullish without loosening the money supply, and it has no response to the interest rate cuts of the European Union, Canada and other countries.
Looking back at the past ten days of great fluctuations: During this period, multiple data were good and bad, and the BTC trend was completely controlled by the macro data. After peaking on June 6, it broke down due to negative news, while the S&P and Nasdaq ignored the negative news and set new highs. A big non-agricultural negative news and the Fed's dot plot showed that only one interest rate cut this year made BTC shaky. If the CPI was negative, BTC might have returned to 60,000, so it is a "water bull". As long as the Federal Reserve does not cut interest rates and release money, it will not work.
A few revelations:
The Bitcoin halving bull market narrative has failed, and the small drop in output has little impact. Web3 lacks innovation, and Ponzi schemes continue. Without underlying innovation, the story will end in the past two years. BTC has become a small-cap stock in the US stock market, not as strong as big technology, similar to Russell. There will be no digital currency bull market in the future, only the band-like bubble "water buffalo" under the background of interest rate cuts and water release. Copy and regenerate
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