"Cryptocurrency plummets today!!! Bitcoin is being sold off, and the Fed is behind it"
Bitcoin (BTC)'s Christmas Day rally came to an abrupt halt, with an unsuccessful attempt to break through the $100,000 mark. Since the Fed's policy statement on December 17, market sentiment has turned cautious, and although the Dow Jones Index has recovered after a 2.5% drop, BTC has not been able to break out of its bearish structure. On the 4-hour chart, BTC's trend remains bearish, with the A/D indicator showing continued weakening buying pressure and a moving average crossover further exacerbating the downward momentum.
However, market sentiment may reverse in the short term. According to Coinglass data, top traders' long positions account for 66.12%, indicating that they are optimistic about Bitcoin's future. At the same time, the liquidation chart suggests that if the price approaches the $976,000 level, more buying may occur to push the price back up. As 2024 draws to a close, market volatility may increase, and there are still potential upside opportunities in the short term.
Although market sentiment is cautious at present, if bulls can continue to dominate, BTC may be able to re-exit the downward channel and usher in a rebound. If you want to know more about the market, follow Jiaoshou and explore the next wave of the market together!
