Besenet took the lead, saying that the Fed's non-monetary policy needs to be reviewed, meaning very clearly: Powell, you have something to hide. Congress also didn’t hold back, submitting to the Justice Department that Powell's testimonies were inconsistent and must be investigated!
But ultimately, Powell doesn’t really want to replace him; he just wants Powell to cut rates quickly, preferably giving a clear answer at the interest rate meeting at the end of July.
Currently, the market generally expects interest rate cuts in September, but Powell doesn’t want to wait; he wants it now, immediately. So before the interest rate decision on July 30, Powell is bound to face heavy criticism, with various media and people taking turns to pressure him, making it hard for him to breathe under public opinion.
But this is just a strategy; once the meeting in July is over, it will basically stop. Unless they want to give Powell a bit more pressure, making him cut even harder with the first knife.
As for this wave, saying that Bitcoin dropped because Powell was sued, to be honest, it sounds a bit far-fetched. This happened over the weekend, it's just now starting to ferment. If Powell really got into trouble, the dollar's credibility would collapse first; gold and Bitcoin, as non-dollar assets, would have already taken off.
Look at it now, gold isn’t rising, Bitcoin is still dropping; does this really follow Powell's logic? Don't be ridiculous; right now, Bitcoin’s drop looks more like a daily level pullback within expectations. I mentioned last week not to panic; the rhythm is very normal, just a bit quicker than expected.
Back to the market, the current movement is a slide and a pull, neither crashing nor surging; waiting for low long positions is the most comfortable approach. Support first looks at the 115K level near the daily median line, then see if 113.7K can hold.
Moreover, this wave of movement hasn’t shown much panic, it’s slow and steady, clearly controlled by someone. The reason I pay particular attention to momentum monitoring lately is that this wave is a policy bull market, also an institutional bull market, a kind of violent movement that ignores technical analysis. Is there a technical divergence? It can keep diverging. Multiple tops? Useless. As long as the policy supports it and institutions are willing to push it, nothing is a problem. We retail investors can’t fight, we can only follow whichever way it moves.
Ethereum is still holding back its big moves, while altcoins are basically relying on luck. U.S. stock junk companies can still hype up AI narratives, but those altcoins in the crypto market, even copying white papers, what do you say they will rise on? Unless someone ignites it, otherwise it really has no chance.
However, speaking of igniting, SOL has been very strong lately, many fans have asked me to talk about it, so I will. Since it broke through yesterday morning, it has been unstoppable; from last night to today, even when Bitcoin and Ethereum dipped, it caught the rotation funds.
After bouncing off the upper trend line of 195, it broke through 200; it feels like this round of the bull market may really take the Ethereum ecological niche away from it. The key position is 158, which has historically been the starting point for hitting 200.
Once it stabilizes above 180, it will aim for 227 and 250. As for the narrative of its project? To be honest, once it rises, there will naturally be scholars arguing for SOL, so this narrative isn’t important.
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