Today's homework seems to have eased a bit. After all, the most torturous part is when the data hasn't come out yet, and once the data is released, it usually falls into either a positive or negative direction. However, today's GDP data is somewhat more complex. You could say it's negative, as GDP recorded -0.3%, leading to a decline in overall market sentiment. But to say that the U.S. economy is very poor is not entirely accurate, as domestic demand remains very stable, with a growth rate of 3%, which is around the average line.

This time, the blame for the GDP drop largely falls on Trump. Tariffs are the main culprit behind the negative GDP. As a result, Trump couldn't sit still and spoke today, stating that the current stock market situation is still a legacy of Biden. However, that doesn't matter much anymore. Looking at the subsequent trends, the market shouldn't panic too much before Friday, especially since tariffs have currently been paused. The data we have is just for the first quarter, and the market is merely reacting; panic is completely unwarranted.

The best evidence that the U.S. stock market has turned from a decline to an increase before the close is that the previous panic over GDP was mainly due to concerns about an economic recession. However, as long as Trump doesn't cause any trouble, market confidence remains intact, especially since this week is still earnings season. If the earnings reports are good, it will positively impact the market. Tomorrow, there’s also the earnings report for $MSTR. I placed a long order at $94,000; I wonder if it will get filled.

There hasn't been much focus on the PCE data, which aligns with market expectations. However, the March wage and consumption data that came out needs some attention. Wage levels are declining while consumption is rising, indicating that the current U.S. economy is indeed not in great shape. Inflation or tariffs have increased public spending, while income is decreasing, which is not a good sign. If the unemployment rate rises on Friday, the economic outlook may still not be very promising.

Looking at Bitcoin's data, although the GDP data caused a slight decline in the price of $BTC, it did not trigger any panic. On-chain investors remain very stable, and the overall turnover rate is even lower than yesterday. It seems that Bitcoin investors have stabilized significantly, with the main turnover concentrated among short-term profit investors.

From the current support situation, the structure between $81,000 and $88,000 continues to be broken down, and it is estimated that by next week, this position will be hard to form support. In contrast, the support between $93,000 and $98,000 remains very solid and stable.

Overall, since today's GDP and PCE data did not trigger significant panic, the market should be able to recover in the short term. Next up is Friday's non-farm payroll data.

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