Last night, Powell's speech caused panic, and the price of bitcoin fell from 91,700 to around 87,000. The main reasons were two key remarks.

1. Don't rush to cut interest rates. Interpretation: Then the interest rate cut in December will increase uncertainty.

2. Inflation is still a long way to go to 2%. Interpretation: Expressing concerns about inflation, once it cannot be suppressed, subsequent interest rate cuts may be cold. At the same time, there is a very small probability of reversing.

Yesterday, BTC's ETF outflow of $400 million. Although this number is not large, it has a huge impact on the market. There has been a large inflow for a week, with the largest inflow of nearly $1.2 billion on one day, but the pull-up is only 3,000-4,000 points.

However, on the first outflow day, there was a drop of about 5,000 points. This shows that there are huge differences in funds here.

Everyone knows that the current bull market mainly depends on the inflow and outflow of spot goods and macro conditions. Today, Friday, it is expected to continue to outflow, and the market will not change much before next Monday.

There are also some positive factors today: 18 states filed a lawsuit against the SEC, and the chairman of the SEC hinted at resigning. In addition, Trump is considering canceling the capital gains tax on crypto assets issued in the United States. This undoubtedly adds warmth to the market!

Of course, when the price of the currency continues to rise and the weekly K and monthly K hit the upper side, there must be a wave of callbacks. After the callback, it is a high-level shock. If the main rising wave closes the weekly K, it will basically continue to insert a needle downward in the second week, and then quickly withdraw, and stay horizontal for about three weeks at a high level. In the short term, the big cake will fluctuate around the 85700-92000 range. Be sure to take protective measures when placing orders! $BTC