There are two positive events this week:
1. Bitcoin Conference: This Thursday, July 25, the Bitcoin Conference will be held. Trump will attend and give a speech on the last day. He is expected to strongly support BTC, saying that he wants to make the United States a leading country in the cryptocurrency industry and support everyone's wallet self-custody rights. This is a major good news for the currency circle.
2. ETH ETF: There may be news of ETH ETF landing this week. The market usually has the behavior of "buying expectations and selling facts", and the release of positive news may bring short-term negative news. The current BTC price is around $68,000. If it rises by 10%, it will reach the previous high, but the pressure is still great. The more BTC rises, the greater the risk of altcoins.
In addition, the Mentougou incident has not been completely resolved, so it is recommended to control the position to about 70%, leaving a backhand, so that you can attack or defend. The currency circle is optimistic in the long term, but there are still some negative factors in the short term. If you have invested all your positions, you must bear the corresponding risks. Don't lose control of your mentality, don't curse, don't cut your losses, and the benefits and risks are always positively correlated.
In addition, there are two major economic data releases this week:
1. PMI data: released at 21:45 on Wednesday. If the data is higher than expected, it is bearish; if it is lower than expected, it is bullish.
2. PCE data: released at 20:30 on Friday. The result is also bearish if it is higher than expected, and bullish if it is lower than expected.
At present, the market generally believes that there will be a rate cut in September. If the data is bearish, both US stocks and BTC may be hit. But judging from various data, the rate cut in September seems to be a foregone conclusion.
