Super News Night｜CPI + Fed testimony hits—Bitcoin will set its direction tonight!

Two major key events are coming this evening:
20:30: US June CPI data will be released, 22:00: the Fed Chair will testify before Congress— the market is about to end the range-bound pattern.
Data benchmark: market expects CPI YoY at 3.8%, core CPI at 2.8%, prior values were 4.2% and 2.9%.
① Inflation data comes in lower (CPI < 3.7%, core CPI < 2.7%): rate-cut expectations strengthen, the US dollar falls, and Bitcoin is set up for an uptrend;
② Inflation data comes in higher (CPI > 3.9%, core CPI > 3%): on top of US-Iran conflict boosting oil prices, inflation pressure rebounds, the Fed stays restrictive, and Bitcoin faces a breakdown risk to the downside;
③ Data matches expectations: the price action stays in a narrow range, and the market will focus on interpreting the Fed’s testimony to find the trading direction.

In addition, the ongoing US-Iran geopolitical conflict continues to push up oil prices, and the risk of an inflation rebound remains high, further increasing uncertainty in the crypto market.
At present, the daytime market is dull with no clear direction; funds on the sidelines are collectively waiting, and will hold for the evening data to land and break the deadlock.
Trade mainly with limit orders, and strictly do risk control!