The price of BTC is about to reach $70,000. With the help of Trump’s speech at the Bitcoin Conference and the expectations of the Federal Reserve’s interest rate meeting on August 1, the main force’s harvest of bulls should be coming to an end.
This wave of deep V market, which first dropped to 63,000 and then pulled up to 70,000, is a sell-off of longs and shorts. Alas, when will it end? After a lot of operations, the point is still the same, but many heavy positions in the contracts are iron, and the funds are gone.
From a fundamental perspective, regardless of how much of Trump's speech is intended to win votes, the question is whether he can come to power will not be revealed until November, and the Federal Reserve will hold its interest rate meeting in a few days. Judging from their core PCE of 2.6% in June and the non-farm payrolls data of 206,000, the interest rate should have been lowered long ago, but in order to drag us down, it is very likely that they will not lower it, so the actual impact on fundamentals is limited, and there is no motivation for a breakthrough.
From a technical point of view, it is also range-bound and has reached the upper track of range-bound oscillation. Long stop-profit and short open positions can all be activated:
