The macro theme remains very much the same, the uncertainty surrounding global economic growth is a hot topic among the worlds leading central bankers and yet the supposed flows that benefited Bitcoin are no longer present. Press reports continue to point out that Chinas central bank (PBOC) could cut its benchmark policy rate for the first time in four years if the US Federal Reserve (Fed) delivers a widely expected cut in late July. The central bank has already been quietly guiding short-term borrowing rates lower for months. However, after rallying like there is no tomorrow, Bitcoin has entered into a phase that has been particularly frustrating for directional and momentum traders; its price swings have been unexpected and stretches of volatility have tended to disappear without much notice.