June 7, 2025 Daily Report
Yesterday, after the US stock market opened, there was an increase, with both the Nasdaq and S&P 500 indices rising by more than 1%.
The negative impact of the Trump and Musk battle was almost fully digested by the market in less than 24 hours.
This is mainly because the conflict between the two sides did not escalate further, and the market cast a nonchalant vote with real money.
Currently, market sentiment is quite good, especially with hopes of peace emerging from the US-China progress, and it is heard that Trump has arranged to meet with the Chinese officials.
The US May non-farm payroll data released yesterday was also quite strong, with an increase of 139,000 jobs and an unemployment rate steady at 4.2%, meeting market expectations.
This moderate data indicates that the US job market remains robust, alleviating concerns about economic recession and pushing US stocks higher.
Looking at recent economic data, the US economy seems to be in a state of mild recession, boosting market confidence.
Trump also specifically posted to praise the employment and wage data, while also criticizing Federal Reserve Chairman Powell, saying his actions are too slow and he should quickly cut interest rates by 100 basis points to ease debt pressure, adding that if inflation rebounds, he can raise rates back.
He also revealed that he has basically finalized the candidate for the next Federal Reserve Chairman, emphasizing that the new chairman will actively promote interest rate cuts.
From the data, although Bitcoin's price has fluctuated greatly in the past 24 hours, the turnover rate has decreased, indicating that most investors are not very interested in price changes, and the main trading force is still short-term players who bought at higher prices earlier.
From the support level, the range between $100,000 and $105,000 has accumulated 1.88 million Bitcoins, but this portion is still mainly short-term investors, making it vulnerable to negative news and not considered an effective support range.
The real solid support is between $93,000 and $98,000, which is the territory of medium to long-term holders.
The support data from URPD has never been wrong; as long as there is no large-scale sell-off in the high accumulation area, Bitcoin can generally return to the support level.
The current trend may successively test the orange, yellow, green, and blue lines, with the green line at $89,000 and the blue line at $78,000. If $96,000 is lost, Bitcoin may retest these two lines, with key points at $100,800 and $96,000.
From a funding perspective, on-site funds decreased by 700 million, totaling 252.5 billion, with the USDT market cap unchanged at 153.8 billion, indicating a slowdown in capital inflow in the Asian and European markets, but trading volume surged.
The USDC market cap decreased by 489 million, possibly due to capital outflow from the US region, and trading volume surged, likely ignited by the battle between Trump and Musk, which has activated market activity.
Bitcoin's trading volume surged during the decline, and the turnover between long and short positions is a good signal, indicating that active buying is still present, but this dispute has indeed scared away some capital.
Overall, there is currently no obvious macro negative factor, and the market's focus is entirely on the aftermath of the Trump and Musk showdown.
The latest news is that Trump currently has no plans to speak with Musk, and short-term fluctuations will largely depend on Trump's statements.