Market Analysis 🔥
Hello everyone!
The market has been experiencing a slight correction over the past few days, and many are wondering if it will fall to $70,000. Those who were previously eager to capitalize on ETH at $4,800 are now starting to feel doubtful and fearful.
This week's PPI data exceeded expectations, leading to a reduction in expectations for a rate cut. Furthermore, Trump is playing with tariffs again, imposing a 300% tariff on chips. US stocks retreated from their all-time highs on Friday. Chip stocks generally declined due to Trump's tariff threats, and the stock market volatility is beginning to filter through to the cryptocurrency market. Under these circumstances, a pullback in BTC, already at a high level, is quite normal.
However, on-chain data shows that BTC and ETH are still flowing out of exchanges, especially with whales holding a relatively high percentage of their holdings. So far, there are no signs of market manipulators preparing to dump the market.
The Federal Reserve will release the minutes of its monetary policy meeting at 2:00 AM next Thursday. Given the unexpectedly weak July employment data and the positive CPI, Powell may be paving the way for a September rate cut, shifting market expectations.
Judging from the institutional position entry price:
$BTC is approximately $100,000-$110,000
$ETH is approximately $3,500
$BNB is approximately $760
Currently, everyone's profits aren't significant, and the risk is relatively low. From a long-term perspective, this pullback should be a correction within the bull market, so there's no need to worry too much. I previously recommended selling 1/3 of your BNB and 1/3 of your SOL at high levels. You can then buy back in batches for swing trading.
Stay calm, adjust your strategy, and the bull market continues!
