“Bitcoin plummets the day after hitting a new high, with 270,000 people liquidated! After the Fed's interest rate hike, market conditions change dramatically, and the next 24 hours are crucial”
Just as Bitcoin set a new high for the year, breaking through $108,000, the market instantly faced a huge reversal! On Thursday (19th), the Federal Reserve announced a scheduled 25 basis point rate cut, but Powell's remarks triggered a sharp decline in Bitcoin - within just one day, Bitcoin plummeted by 5% and briefly fell below the $99,000 mark, marking the largest drop in three months.
Even more shocking, according to Coinglass data, nearly 270,000 people were liquidated globally in the past 24 hours, with liquidation amounts reaching $781 million. As the price of Bitcoin approached the critical $100,000 mark, market sentiment plunged into panic. If Bitcoin falls below $100,000, the pressure for liquidation of long positions could reach $335 million; if it breaks through $102,000, the total amount of liquidation for short positions could reach $731 million.
After the Fed's interest rate cut announcement, Powell clearly stated at the press conference that the Fed does not intend to include Bitcoin in its balance sheet, further heating the market's bearish sentiment. However, despite the significant price fluctuations in Bitcoin in the short term, analysts from the blockchain analysis platform Santiment pointed out that the correlation between BTC and the stock market has weakened, which could be a “bull market precursor” for the cryptocurrency market. If the market situation stabilizes within the next 48 hours, a new upward opportunity may arise.
After the sharp decline, there is room for rebound, seizing the opportunity can help you get ahead! Follow the hunters to stay informed about market trends and grasp the next opportunity!
