In the cryptocurrency space: 1. According to Trader T's monitoring, the net inflow into the US spot Bitcoin ETF yesterday was $66.32 million. The Ethereum ETF saw a net inflow of $523.43 million yesterday. 2. On August 13, it was reported that on-chain data shows Bitcoin miners sold over 2,000 Bitcoins in the last three days. 3. According to monitoring, a newly created wallet address '0x2A92' withdrew 23,365 ETH from Kraken overnight, worth $104 million at an average price of $4,451. 4. According to monitoring, SharpLink (SBET) increased its holdings by 5,226 ETH overnight, worth $23.1 million at an average price of $4,422. 5. AguilaTrades opened another long position in ETH while shorting BTC: BTC: 40x short position, holding 50 coins ($6.011 million), opening price $119,484.8; ETH: 15x long position, holding 10,000 coins ($45.96 million), opening price $4,588.44. 6. According to on-chain monitoring, addresses associated with the Ethereum Foundation sold 4,095 ETH at a price of $4,578 per token in the past four hours.
Market aspect: 1. The US core CPI for July increased by 0.3% month-on-month, which is in line with expectations. The previous value was 0.2%; the US core CPI for July increased by 3.1% year-on-year, estimated at 3%, with a previous value of 2.9%. After the release of the US CPI, the dollar index DXY fell more than 30 points in the short term, reporting at 98.25. Traders are increasing their bets on the Federal Reserve cutting interest rates in September.
2. US stocks closed on Tuesday, with the Dow Jones initially rising by 1.10%, the S&P 500 index up by 1.14%, and the Nasdaq rising by 1.39%.
Overall, inflation data was released and fell to a nearly two-week low, which is generally in line with market expectations. The cost of tariffs is still being silently absorbed in corporate profit margins and has not been passed on to consumers. This provides the Federal Reserve with policy space to respond to weak employment data, and it is likely to start cutting interest rates from September. The current market is betting on this expectation. In this context, buying activity at low levels in the cryptocurrency market aligns more with the current market environment!
Daily level: Cryptocurrency prices continue to hover around the 120,000 integer level. The 5-day moving average is crossing above the 30-day moving average. The 7-day RSI remains above 60, with bulls slightly in control of the market. Additionally, prices are moving flat between the upper and middle bands of the Bollinger Bands, with prices leaning towards range consolidation while containing certain uncertainties. The range is between 121,000 and 116,890. Overall, operations can rely on buying activity at the lower end of the range; if unexpectedly approaching historical highs, appropriate shorting can be considered!
On the upside: Initial resistance focuses on the high point of 121,033 on July 18! Further resistance looks at the historical high near 123,239.
On the downside: Initial support focuses on the 10-day moving average near 117,113, with further support looking at the low point of the 8.7-day moving average near 114,233!
Current operational suggestion: Refer to the early morning gains.
