July 31 Daily Bitcoin Analysis
Although interest rates remained unchanged in the early morning, Powell's statements leaned hawkish, clearly indicating that "there are currently no plans for interest rate cuts", dispelling the market's illusions of cuts within this year, putting short-term pressure on the market.
Despite a brief decline, the support around 1160 remained resilient, with multiple attempts to break it failing, forming an effective bottom in the short term. The overall bullish structure remains unchanged, and Bitcoin is still operating within an upward channel, characterized by high-level sideways consolidation of sentiment.
On the 4-hour chart, the price has approached the middle band of the Bollinger Bands; although the trading volume has decreased, it is still under control, and the bullish dominance remains intact. The technical setup remains unbroken, limiting the impact of negative news.
Trading Suggestions:
In the short term, continue to buy in the range of 117300-118000, with attention to the resistance at 11850 above; if broken, it is expected to look towards the 11980-12100 area.
