Hot topics of Master Chat:
Continuing with some news that was not finished yesterday, Wyoming Senator Cynthia Lummis said at the Bitcoin Conference that she will introduce a proposal next week to instruct the U.S. Treasury to purchase 1 million bitcoins over five years.
She said the move was to offset the impact of the depreciation of the US dollar and that Bitcoin is a good means of preserving value.
Over the past four years or so, Bitcoin has grown by about 55% per year. During that same period, the dollar has depreciated and inflation has risen.
Overall, the market performance over the past two days of the weekend was relatively flat. After Trump's speech, the market returned to a cooling-off period.
But it can be seen that Bitcoin has evolved from a private sector to a corporate consensus, and then to a mainstream government consensus.
In the last bull market, Musk was the accelerator of the bull market, and Trump may become the accelerator of this bull market. Next, everyone can focus on the Federal Reserve’s interest rate decision and the US non-farm data for July.
Master looks at the trend:
BTC 1 hour:
Bitcoin has currently broken through its previous high and is about to test 70K.
Before the U.S. election, President Trump pledged to be a "pro-Bitcoin president" and proposed a series of radical policies related to cryptocurrencies.
In addition, Vice President Harris, who has been critical of cryptocurrencies, has also begun to improve relations with the cryptocurrency industry, leading to an increase in Bitcoin prices.
There are a lot of good news in the market, and there is a high probability of a rate cut at the FOMC's September interest rate decision meeting. If the rate cut becomes a reality, it will be a double benefit and expectations will bring about a substantial increase.
Resistance level reference:
First resistance level : 69600
Second resistance level : 70000
Bitcoin is currently testing the first resistance level. If it breaks through this resistance level, the probability of a 70K test will continue to increase.
If Bitcoin breaks through 70K, the market's expectations for an upside move will increase. Absorbing the selling pressure from above, it may rise sharply. To maintain the rise after the breakout, it is necessary to pay close attention to whether the trading volume increases significantly.
Support level reference:
First support level : 69200
Second support level : 68700
The current first support level is also close to the previous high. If it can be held during a pullback, the upward view in the short term will be strengthened.
If Bitcoin wants to maintain its current upward momentum, it needs to pay attention to whether it can hold the first support. Even if it falls below, it must maintain the upward view and respond at the second support level.
Today's trading suggestions:
In today's trading, due to the formation of a big green candle, the short-term view can still be maintained. The master suggests that you can pay attention to the trading volume during the callback and seize the callback range.
7.29 Master's short-term pre-buried order:
Long entry reference: 68300-68700 range, long in batches, 500 points of defense, 69200-69600
Short entry reference: 70000-70400 range short in short defense 500 points target 69200-68700
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