BTC: Last week, the weekly chart of BTC showed a strong Bullish line, with a rise of 12.14%. Overall, last week, the market was mainly influenced by Favourable Information, with the first being Trump's significant lead over the Democratic candidate Biden, and Trump's official nomination as the party's presidential candidate (the market generally believes that Trump is more supportive of BTC). Additionally, the market also anticipates that Trump may announce plans to make BTC a strategic reserve asset for the USA at the conference on July 25-27, 2024 (of course, this expectation is a bit exaggerated, but if it is announced, then the mid-term pressure of BTC reaching 71500 will be inevitable), which has created speculation in the market. From the chart, the strong Bullish line indicates a strong long position in the short term, with a high probability of further testing near 71000 this week.

Of course, it needs to be noted that if Lao Te did not mention this expectation at the BTC conference, it will also cause a fallback in BTC. Therefore, we need to be cautious from Thursday to Saturday. From the chart, 71500 is a medium-term resistance (also an important resistance). It is not easy to break through all at once. It is not ruled out that there will be a small fallback after reaching around 71000 (for those who focus on short and medium-term, consider reducing positions or not opening new positions around 71000, it is recommended to reduce positions, no need to exit all).
In addition, it is worth noting that the US stock market last week. In the past two weeks, the overall decline of the US stock market, but BTC did not stagnate or be affected by the decline of the US stock market, which implies that the US stock market will not play a decisive role in the encryption, or the encryption market is gradually separating from the influence of the US stock market. Of course, the two are not completely positively correlated. For the encryption market, what should be more concerned is the macro expectation of long-following interest rate cuts.
Today's BTC: Yesterday, BTC formed a long Lower Shadow candle, indicating the strength of short-term long positions. Following the one-hour chart, the price has been oscillating upward in the past few days, with the 120-hour moving average serving as support whenever there is a pullback. It's advisable to continue following the 120-hour moving average support in the coming days. However, pay attention to the 67200 support today. Consider entering the market if there is a pullback to this level; otherwise, refrain from further pursuit. Those who have been allowed to enter the market earlier should continue to hold, and consider reducing position when the price approaches 71000.
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