Wake up, the US May "horror data" is almost zero growth, and the expectation of interest rate cuts is supported again! Bitcoin fell below $65,000, can it be bought at the bottom?
At 20:30 last night, the United States released the May retail data, which is known as the "horror data". The good news is that there is almost no growth, which shows that consumers are currently facing greater financial pressure, that is, the economy has a downward expectation, and inflation reduction has achieved certain results. It stands to reason that the probability of interest rate cuts is increasing.
However, the Federal Reserve officials who are good at "expectation management" came out again at this time: Although the fight against inflation has been achieved, future interest rate cuts must be based on economic data and require more patience.
This also led to the fact that the trend of Bitcoin last night can be said to be calm, still jumping up and down around $65,000. Bitcoin's trend has been weak all week, so what exactly caused the recent lack of strength in the rise?
First, although Bitcoin ETF has a net inflow overall, the scale of Bitcoin ETF fund inflow has slowed down significantly in recent weeks. Originally, only GBTC had a net outflow every day, but now FBTC, ARKB, etc. also have net outflows from time to time.
Second, the market lacks new narratives. Only with good narrative expectations will funds be willing to flow in. In addition to the expectations of Ethereum's ETF, can you think of other new narratives recently? Some are quite negative, such as ZK airdrops that are not as good as expected and OKX security incidents.
So what should we do next?
I think we should put caution first, because there will be PMI data to be released on Friday, and we will also have to pay attention to the unemployment benefits and CPI data on July 11, so we should be cautious about bullishness.
The market will not fall all the way. I still insist on the view that the bull market will continue from this year to the middle of next year. Bitcoin and Ethereum must not be sold at a loss. High-quality copycats continue to lower costs through fixed investment, maintain a good attitude, and improve the ability to make money off-site.
Well, originality is not easy, and there may be many people who question it, but I will continue to share dry goods. I hope everyone will like and follow and support it.