Master Chat on Hot Topics:

Continuing with some news that wasn't finished yesterday, Senator Cynthia Lummis of Wyoming stated at a Bitcoin conference that she will propose a bill next week instructing the U.S. Treasury to purchase 1 million bitcoins within five years.

She stated that this is to offset the depreciation of the U.S. dollar, and that Bitcoin is a good means of preserving value.

Over the past four years, Bitcoin has grown by approximately 55% annually. During the same period, the U.S. dollar has been depreciating, and the inflation rate has been rising.

Overall, the market performance over the weekend was relatively flat, and after President Trump's speech, the market returned to a calm state.

It can be seen that Bitcoin has transitioned from consensus among the public to consensus among enterprises, and now to mainstream government consensus.

In the previous bull market, Musk was an accelerator, and Trump may become an accelerator in this round. Next, everyone can focus on the Federal Reserve interest rate decision and the U.S. non-farm payroll data for July.

Master's Trend Analysis:

BTC 1-hour:

Bitcoin has currently broken through the previous high point and is about to test 70,000.

Before the U.S. election, President Trump promised to be a "pro-Bitcoin president" and proposed a series of radical policies related to cryptocurrencies.

In addition, Vice President Harris, who has always been critical of cryptocurrencies, has begun to improve relations with the cryptocurrency industry, leading to an increase in the price of Bitcoin.

There are many positive news in the market, and the probability of a rate cut at the FOMC September interest rate decision meeting is high. If the rate cut materializes, it will be a double positive, and is expected to lead to a substantial increase.

Resistance Level Reference:

First Resistance Level: 69,600

Second Resistance Level: 70,000

Bitcoin is currently testing the range of the first resistance level. If this resistance level is broken, the probability of testing 70,000 will continue to increase.

If Bitcoin breaks through 70,000, the market's expectation of an increase will strengthen. Absorbing selling pressure from above may lead to a rapid increase. To maintain the upward trend after the breakthrough, it is necessary to closely monitor whether the trading volume significantly increases.

Support Level Reference:

First Support Level: 69,200

Second Support Level: 68,700

The current first support level is also close to the position of the previous high point. If it can be held during a pullback, the short-term bullish view will also strengthen.

If Bitcoin wants to maintain its current upward momentum, it needs to focus on whether it can hold the first support level. Even if it falls below, it needs to maintain the bullish view and respond at the second support level.

Today's Trading Suggestions:

Due to the formation of a large bullish candle today, the short-term bullish view can still be maintained. Master suggests focusing on trading volume during pullbacks and seizing the pullback range.

7.29 Master's Short-term Pre-set Orders:

Long Entry Reference: Between 68,300-68,700 in batches, defend 500 points, target 69,200-69,600

Short Entry Reference: Between 70,000-70,400 in batches, defend 500 points, target 69,200-68,700

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope to help you find what you want in the cryptocurrency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid-to-long-term replay price prediction videos.

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