Aug.6-Aug.12(BTC)Weekly market recap
Crypto market lose power after rebound. BTC had a significant decline for a period of time after the ETF was announced. But after 15 days, sufficient liquidity brought an increase that repaired the decline. It has been two weeks since the ETH ETF was listed. After excluding the impact of grayscale, we have seen that traditional funds are also flowing into the ETH ETF.
CPI data for July will be released on Wednesday. We believe that if CPI falls further, it will give risk assets such as BTC and US stocks an upward momentum. We do not believe that the recession started on August 2, when the employment data was released. Therefore, if the CPI data falls further, the market will not panic about recession, and will price further interest rate cuts.
BTC rebounded last week, with bulls beginning to fade after hitting 62000. Although we question the idea of a recession. But the earlier dump really broke the calm. At larger levels, the power of bears has increased. Judging from the indicators, a large number of whales participated in the transaction of BTC after the dump, which is also the main reason for the price increase. However, after the weekend, the whales gradually disappeared. On the ME indicator, the long-term fluctuation narrowed the wavy area. Currently under a bearish signal.
In summary, we believe that if the CPI data is within expectations, BTC may fluctuate this week. We raise the resistance level 62000 and maintain the original support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
CPI data for July will be released on Wednesday. We believe that if CPI falls further, it will give risk assets such as BTC and US stocks an upward momentum. We do not believe that the recession started on August 2, when the employment data was released. Therefore, if the CPI data falls further, the market will not panic about recession, and will price further interest rate cuts.
BTC rebounded last week, with bulls beginning to fade after hitting 62000. Although we question the idea of a recession. But the earlier dump really broke the calm. At larger levels, the power of bears has increased. Judging from the indicators, a large number of whales participated in the transaction of BTC after the dump, which is also the main reason for the price increase. However, after the weekend, the whales gradually disappeared. On the ME indicator, the long-term fluctuation narrowed the wavy area. Currently under a bearish signal.
In summary, we believe that if the CPI data is within expectations, BTC may fluctuate this week. We raise the resistance level 62000 and maintain the original support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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