🔥🔥Market review on August 7th, major good news explodes the scene! $BTC $ETH
Yesterday's market sentiment was overshadowed by tariff concerns, with Ethereum testing support around 3550 multiple times, and many were misled by the short-selling sentiment affecting their judgment. However, I clearly pointed out in the market analysis on the 6th: the current fluctuations belong to a consolidation phase, and pullbacks are good opportunities for positioning, not sources of panic, especially against the backdrop of rising interest rate cut expectations. The mid to late August will be a key turning point for the market.
Today's market rhythm is noticeably different, with a flurry of good news being released. The expectation of the Federal Reserve cutting interest rates in September has soared to 93.6%, on-chain data shows that institutions and whales are continuously increasing their positions, and the market is gradually strengthening led by BTC and ETH. The most explosive news came when Trump announced at 6 PM that he would advance an executive order to include 401(k) pensions in cryptocurrency asset allocation, instantly igniting market sentiment.
Bitcoin surged 2000 points instantly, and Ethereum broke through 3800, completely igniting bullish sentiment.
Congratulations to those who positioned ETH long positions near 3663 with me today, successfully profiting!
U.S. stocks opened more than 200 points higher, and tonight's unemployment claims data basically met market expectations, with no signs of bad news. Although the 401 plan has not yet been formally signed, the market has basically reacted in advance. At this stage, I emphasize one point: better to wait and see than to short against the trend!
Technical focus:
BTC 4H support: 115078; resistance: 117532
ETH 4H support: 3745; resistance: 3895
🔥 Today's on-chain + macro hot topics overview:
Trump announces he will soon sign the "Crypto 401 Plan"
September interest rate cut probability exceeds 93%
A certain whale continues to buy over 27000 ETH, worth nearly 100 million USD
U.S. initial unemployment claims data basically meets expectations
Focus for the day: BIO, OMNI, ORCA, OG, PENDLE
