Today's market reaction indicates that the real factor influencing the trend is not Powell's speech itself, but whether Trump will pressure him on monetary policy issues or even propose a new Federal Reserve chair. Although Powell's remarks were hawkish, leading to a brief decline in risk assets, the market quickly rebounded, with U.S. stocks turning from decline to gain, and $BTC also returning above $117,200. This reflects investors' dissatisfaction with the current monetary policy deadlock and their expectations of potential actions from Trump. Currently, the expectation for a rate cut in September has dropped to below 50%, and it is possible that Trump will accelerate the announcement of his successor.

Although Bitcoin's turnover rate has slightly decreased, the market has not fallen into panic; the current logic remains that selling pressure is weakening rather than buying pressure increasing, with overall sentiment stable. The support structure is solid, and systemic risk is low, but caution is needed as the accumulation of chips at $117,000 has reached 730,000. If it breaks through 1,000,000, it may trigger concentrated speculation among investors regarding directional choices, leading to a rise in short-term risks.

This article is sponsored by #Bitget ｜ @Bitget_zh

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