Yesterday the market plummeted, and Powell's remarks sparked heated discussions. He bluntly said that cutting interest rates too early would not be beneficial, and Bitcoin and Ethereum plunged!
1: Yesterday's downward trend in the market was mainly due to the speech of Federal Reserve Chairman Powell. He bluntly stated that cutting interest rates too early would not be beneficial and was optimistic about the control of inflation. This statement caused the price of Bitcoin to fall directly to 61,800, and Ethereum also fell to 3,400.
2: Starting from 9:30 pm, the market reacted quickly, Bitcoin fell slightly by 1,200, and Ethereum fell by 60 points. Although Powell's remarks brought great negative news to the market, the market did not seem to fall as sharply as before, showing a certain resistance. In recent days, ETFs have continued to flow in, indicating that there is buying intervention, which is a positive signal for the market.
3: At present, the daily line of Bitcoin closed above 61,880, and the daily line level is still in a rebound. Pay attention to the 62750 position for a small-scale rebound. If it stabilizes above this position, the market will continue to move upward. Pay attention to the upper target/pressure level around 63365-63800!
