Today, the entire market feels like it's covered by an invisible veil, with absurdly low volatility. Bitcoin is moving sideways, Ethereum is holding steady, and the altcoin market is basically in a downtrend. A few sporadic movements in some coins cannot uplift the atmosphere. The whole market is lifeless, yet it’s not completely flat — more like the calm before the storm.
The reason is simple: there are a bunch of significant events stacked up for tonight: ADP non-farm employment, preliminary GDP for the second quarter, Federal Reserve interest rate decision, and Robinhood's earnings report. A whole string of information is like bullets in the chamber, just waiting for the U.S. market hours to be fired off one by one.
The problem is that before such a concentrated release of information, the market simply doesn't dare to move. Should we chase now? The sense of direction is insufficient. Should we short now? With volatility so low, there’s hardly any profit to be made. To say the least, the daytime market conditions are such that even short-term trading opportunities are disappearing, and one can only make some passive orders and wait for a chance.
Let alone the fact that this is a key moment for the monthly close. If tonight's news doesn't provide a clear direction, then the monthly trend will really depend on a last-minute push. Looking at the current candlestick structures of mainstream coins, it could either be pulled up to make the monthly close look good or might take the opportunity to initiate a wave of selling to create a bearish engulfing pattern.
Right now, the rhythm of the entire market is very unsuitable for aggressive operations; it's better to take a steady hand and wait for the news to land before proceeding. Too much news, unclear direction, and compressed volatility — it's easy to get repeatedly slapped in such a market. $BTC