Today's homework is still quite easy to write, as the market has not deviated from expectations. Although the main contention remains the anticipation of a rate cut in September and the expectation of a U.S. economic recession, this week feels somewhat easier compared to last week. During the three working days in the middle of last week, both U.S. stocks and $BTC were declining, with only Friday's Jackson Hole event pulling the market down. However, this week, U.S. stocks have performed well, and so far, both the S&P and Nasdaq have almost recovered the losses from Monday.

This indicates that investor sentiment is still quite good, at least better than last week. Since Bitcoin and U.S. stocks are highly correlated, BTC's performance is also slowly recovering. Whether it can return to previous highs will depend on the main contention. The core PCE data on Friday is an opportunity for some breathing room this week.

Today, White House senior advisor Hassett advised Federal Reserve Governor Cook to take a vacation, essentially hoping to reduce opposition to rate cuts at the September meeting. Although last week's firing incident involving Trump put psychological pressure on the Federal Reserve governors, from the current public information, the governors still seem to be resisting.

Even Williams, who previously stated that a rate cut should happen in September, has softened his tone today, possibly out of concern about being too close to Trump. Anyway, September will be the dot plot meeting, and in June, only Bowman and Waller supported it. Let's see if more support emerges in September, or if Trump has shot himself in the foot.

Looking back at Bitcoin's data, today's turnover rate has slightly decreased. Although the price has rebounded, the structure of the chips leaving the market indicates that the panic among short-term investors has not yet ended. The main players in turnover over the past two days have been investors trying to bottom out and those facing losses.

Moving forward, BTC's performance will likely still be influenced by U.S. stocks. After the U.S. stock market closes today, Nvidia's earnings report will be released, which may directly impact the rise and fall of U.S. stocks. Let's wait for Nvidia's earnings report first.

This article is sponsored by #Bitget ｜ @Bitget_zh

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