Currently, BTC has stabilized at $120,000, and ETH has established support at $4,300, confirming an upward market trend. This trend is driven by Trump's executive order allowing US retirement funds to enter the cryptocurrency market, and the market expectation before the policy's implementation can serve as a catalyst for the rise, similar to the ETF expectation.
VX: TZ7971
Although ETH has been impressive these days, Bitcoin and other cryptocurrencies have not seen significant gains. The current state has not yet reached the "altcoin season" level, so the market appears relatively calm.
While it cannot be immediately confirmed as stable, it can be confirmed that: in the chip structure, BTC has returned to the price range supported by $117,000, making the range between $112,000 and $116,000 a "safe zone", almost consistent with the price trajectory inferred from the "double anchor structure".
From the "MVRV Extreme Deviation Pricing Interval", BTC is still running between the channels formed by the orange line. It may find support at the lower rail and encounter resistance at the upper rail. The current upper rail position is $125,000, which is the first target for rebound within the channel. If successfully broken through and the pullback does not fall below, it will likely rise to the second target of $137,000. If it encounters resistance, it may test the key support level of $117,000 again.
Whether this week can continue last week's momentum depends first on the CPI published by the US on Tuesday. The market currently expects core and annual CPI to grow, but if the published data meets or is below expectations, a 2-point rate cut in September is highly probable, which would also benefit this week's stock and cryptocurrency market trends. After all, before the rate cut expectation materializes, the market will definitely hype related news, including the next Fed chairman that Trump has been releasing information about. As long as Tuesday's CPI, Thursday's PPI, and unemployment data do not deviate from expectations, the September rate cut will be a done deal, so the market trend in August is likely to be optimistic.
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