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The trade situation and macroeconomics may determine the continued rise of Bitcoin.
On July 10, regarding the trend after Bitcoin broke a new high, the CEO and co-founder of a certain cryptocurrency asset management company stated that whether Bitcoin's rise can be sustained largely depends on the macroeconomic situation and any new developments in the trade sector. He believes that if trade dialogues encounter setbacks before the August 1 deadline for the Trump trade agreement, it may bring more resistance to Bitcoin. However, if further progress is made in the trade agreement, and lower inflation data prompts the Federal Reserve to restart key interest rate cuts, it may support the continued rise of Bitcoin.
In addition, the Chief Investment Officer of a certain cryptocurrency lending platform and former Managing Director of Barclays Investment Bank stated, "At present, Bitcoin seems to be just retesting the previous historical high point from May 22, and it is facing selling pressure at that position."