Today's fatigue is a double burden on both body and mind. On one hand, Micron's earnings report was good, leading to an optimistic rebound in U.S. stocks and Bitcoin. On the other hand, we are waiting for the core PCE data. Although the data was not unexpected, it is relatively acceptable for inflation, much like I have been saying recently: inflation is from the time of the U.S.-Iran war, not the present. Three months after the war, oil prices have already dropped from around $100 to $70.

This means that inflation that rose over three months will theoretically recover in three to four months. Moreover, the speed at which oil prices are falling has surprised many investors. It is very likely that we will see a significant decline in inflation by August or September, thus the chances of interest rate hikes in September will be very low. Although the inflation data did lead to another drop in U.S. stocks and Bitcoin, the U.S. stock market has already completed its recovery in the early morning.

Compared to yesterday's close, the Nasdaq rose nearly 1%, and the S&P also returned to an upward trend. This indicates that if the decline was caused by core PCE, the stock market has already digested it. However, Bitcoin is indeed struggling, falling more during downturns and rebounding weakly during upswings, especially with the FUD around $MSTR causing Bitcoin to trend downward.

I cannot be certain how prices will change in the short term, but if it is indeed due to core PCE, I believe the U.S. stock market will be able to react. For Bitcoin, it’s just a matter of time before it catches up. Of course, it is also possible that some investors will sell Bitcoin to buy U.S. stocks, which is normal.

After all, $MU Micron's earnings report was outstanding, which means that for the next month, leading up to Nvidia's earnings report, the market won't be overly concerned about the AI bubble. However, for cryptocurrencies, the confidence of users still needs repair.

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