Weekly review of BTC

The excellent CPI brought about a 10-day pump, and Biden's withdrawal from the next presidential election continued the long positions trend. The pricing of CPI in the market has ended. The market has entered a macro calm period again. We don't think that Friday's PCEI will change anything, and the next important macro event will be the FOMC in late July. Although it is almost impossible for the next FOMC to cut interest rates, longs need to look for reasons to maintain their strength from the FOMC statement and Powell's speech.

In the coming week, what needs special attention is the BTC 2024 conference. Trump will deliver a speech on the last day, and if he really does as he said before, including BTC in the United States' strategic reserves, then BTC will go crazy for it.

On the other hand, ETH ETF was officially approved a few hours ago and will be officially traded in the next trading session. This is a bullish event for ETH in the long term, but in the short term, the market's reaction is not ideal. We think the trend of ETH may be similar to BTC when it passed the ETF. Take a break and then pump.

As we mentioned in our last recap, the longs of BTC further pumped, reaching 68000. This has made the ME indicator turn into a bullish trend. On the WTA indicator, although the longs performed strongly, the greater long power comes from shrimp, and the participation of Whales is not obvious.

In summary, we believe that BTC will maintain its volatility for most of this week, but we need to pay attention to the impact from BTC 2024. The probability of BTC pumping further is higher than it dropping. We maintain the original resistance level at 74000 and support level at 58000.

(Transferred from TV-SypoolESSENTIAL)