Market Focus
The US CPI for July ended the 12-month downward trend, with a year-on-year increase of 3.2%.
The ratio of spot and derivative trading volume of Bitcoin hit a historic low.
Bitwise has applied to modify its Bitcoin ETF to a weighted strategy ETF including Bitcoin and Ethereum.
The overnight broad CPI for July in the US recorded 3.2%, and the core CPI recorded 4.7%, both lower than the expected 0.1% and higher than the previous value. The data shows that the rebound in inflation is slightly lower than before. As a result, the three major US stock indexes opened higher but lacked follow-through, showing a trend of opening high and then falling. The cryptocurrency market also followed with minor fluctuations. The data for this month will not have a significant impact on the Federal Reserve's interest rate meeting in September, as August is a blank period and the data announced in September will directly impact the interest rate hike measures. In particular, the dot plot will directly determine whether the interest rate cycle has ended, so the CPI will not have a major impact on the short-term market.
The secondary market is currently in a narrow range consolidation phase, with the daily fluctuation narrowing to around 1%, continuing the historical low volatility period. In the short term, the market is seeking a turning point from the SEC's decision on ETFs. It is worth noting that the SEC will make a ruling on the ARK ETF on August 13, but as the 13th is a weekend, the SEC may make the ruling earlier. The ruling results may be seen as early as tonight, so this needs to be closely monitored. Of course, ETF analysts generally believe that this ruling is likely to be extended and will not be immediately responded to. Specific information about the approval process for Bitcoin spot ETFs and the approval timing for other ETF applications will be provided later.
After the price surged and retraced, it has been in a low consolidation phase, and the lower support level has not continued to decline, indicating that the overall market trend is still dominated by bulls. This indicates that this round of bullishness will have a second surge, and from the market's expectations, inflation is becoming less and less of a concern as the economy stabilizes, which is more in line with market expectations. From a long-term perspective, the overall market trend structure in the large cycle is still in a strong phase!
Therefore, our strategy remains unchanged, maintaining a bullish view, aiming to make a high and then consolidate before rebounding. Completing a round of trend consolidation in the large cycle.
Intraday recommendations: You can go long near 29400, with a continued target of 30000. This upward movement will test the round number resistance, combined with the volume of the daily MACD indicator, there is a chance to repair the current range in one go and there is a great opportunity to reach a new high for this month!
The wind in July, the rain in August, there will definitely be better luck in the second half of the year. The trading record for this month by Blue Planet: 6 wins, 1 loss, win rate 85%, profit 3300 points, loss 400 points, all updated in real time on the internet (small currencies are not recorded).
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