PANews June 24 news, Bitfinex Alpha's latest report said that the current cryptocurrency market is in an uncertain state, with daily, weekly and monthly charts close to the lows of the range, and low time frames (one minute to fifteen minute charts) (one minute to fifteen minute charts). Last week, the German government unexpectedly sold more than $195 million worth of Bitcoin, which not only exacerbated the problem of oversupply in the market, but also formed an important reminder of other market pressures, including Mt. Gox creditors and miners. The total outflow of US spot Bitcoin ETFs last week reached $544.1 million, which, although related to the unwinding of basic/financing arbitrage, still exacerbated negative sentiment. The market has a high volatility day pattern on Thursday and Friday, with a peak-to-trough drop of about five percent last Thursday and Friday, which is quite significant for BTC. Historically, fluctuations of this magnitude often indicate at least a local low, as on June 11, when a similar intra-week decline led to the formation of a new local price bottom. Therefore, there are buying opportunities, and these significant declines deserve close attention from traders. However, the report believes that the market is currently in a wait-and-see mode. In the short term, it will either continue to be under pressure from excess BTC sales and lack any catalyst to drive the rise; or with the approval of the ETH ETF, market sentiment will spark and trigger a new round of positive sentiment, especially for Altcoin.
At the macro level, the U.S. economy showed signs of cooling, consumer optimism declined, and a slowdown is expected in the second half of 2024. Although the job market is stable, the overall economy and the job market continue to cool. The real estate market is also under pressure, with housing starts in May hitting a record low. Despite this, the moderate growth in retail sales shows consumer resilience, but the growth rate is lower than expected. The continued growth of the industrial sector has become a key factor in stabilizing the economy and alleviating the slowdown in other areas. In addition, the market is optimistic about inflation, and the Federal Reserve's five-year forward-looking interest rate is close to the target. Rising unemployment benefit applications, slowing housing starts and slowing retail sales growth make interest rate cuts an option for economic stimulus measures. If the cooling economic growth and inflation trends continue, the Fed is more likely to cut interest rates in September.
