$BTC

CPI data is due tonight

Currently, all short-term inflation data shows an uptick

Therefore, the market's basic view on whether the Federal Reserve will cut interest rates in the short term is largely consistent

That is, the Federal Reserve's first interest rate cut this year will not start until at least September

The high interest rate environment has been maintained from 2022 to 2025 and continues to persist

Additionally, there is still controversy over whether Powell will be fired by the 'King'

I believe Powell will continue to serve as the chair of the Federal Reserve until next year

During this period, he is unlikely to cooperate with the 'King's' calls for tax cuts

The possibility of a U.S. debt default may show signs at the beginning of this month, and after the CPI, the next important event will be Powell's press conference next week, both of which will have a direct impact on the market

Currently, Bitcoin is not experiencing much volatility overall, but on the 4-hour chart, there is another appearance of bullish volume exhaustion about to form a death cross, which may signal the market's expectations for tonight's data. Therefore, in the short term, Bitcoin is still expected to pull back to around 105800, and whether the five-day line will form a door needs tonight's data to verify

Short-term support at 1085 is still effective; if the entity breaks through, it may experience a significant drop tonight.