Key Points:
– New inflation data will be released in less than 24 hours, which could have a significant impact on the market.
– Current expectations suggest that the year-over-year inflation rate in the US will drop to around 3.1%.
– Higher interest rates are generally seen as bearish for the economy and the market.
– If the inflation number comes in above expectations, it could imply the need for higher interest rates, which is less favorable for the economy and the market.
– It’s also important to keep an eye on upcoming FOMC meetings, with the next one scheduled for July 26th.
Crypto Market Outlook:
– Bitcoin is currently facing resistance around the $31,000 level.
– A confirmed breakout above this resistance level could lead to a target of around $37,000.
– Ethereum is still within a larger bullish trend and is holding above the support level at around $1,820.
– Short-term sentiment for Ethereum is expected to be neutral with some slight bullish relief.
Hot Take:
The release of new inflation data and the upcoming FOMC meeting will be crucial in determining the market’s short-term direction. If the inflation rate drops as expected, it could be seen as positive for the economy and the market. However, if the numbers come in above expectations, it may imply the need for higher interest rates, which could have a bearish impact. Traders should closely monitor these events and be prepared for potential market movements.
By
By
By
By