July 31st Market Analysis:
Good morning~ Last night's key events: the U.S. Q2 actual GDP exceeded expectations, and the non-farm payroll data also surpassed expectations. These two data points reduced the likelihood of an interest rate cut.
In the early hours, the Federal Reserve's interest rate meeting resulted in no rate cuts or increases, which was considered negative for the market, causing a significant drop, with BTC falling to around 115,000.
However, after large holders were liquidated at the bottom, the 'whales' started accumulating and pushing the price back up. Now BTC has regained its losses.
Altcoins are still behaving as usual, following the rise but losing momentum on BTC's pullback. So for those trading altcoins, it might be a good idea to take a break.
For mainstream assets, the focus remains on low buys during the day. Keep an eye on altcoins: ENA, MKR, UNI
