What is the reason for BTC's second bottoming?

At a recent event in Portugal, Federal Reserve Chairman Jerome Powell stressed that more substantive evidence is needed for rate cuts, an important factor affecting cryptocurrencies and risk-sensitive assets. "We need to see stronger evidence that inflation data truly reflects core economic conditions," Powell insisted. This view slightly affects the possibility of a rate cut at the upcoming Federal Open Market Committee (FOMC) meeting, with the Chicago Mercantile Exchange Group's FedWatch tool showing a 65% chance of a rate cut as of the latest update.

As the BTC/USD pair fell to a lower price range again, the reaction of the Bitcoin market was obvious. Manipulative liquidity behavior (especially order spoofing) prevailed, causing volatility across exchanges.

During the day's trading, spot demand on major platforms such as Binance hovered around the key $60,000 mark. Bitcoin's pullback filled the latest CME futures gap triggered by the weekend trading peak.

The current situation of Bitcoin highlights its vulnerability to broader economic factors and regulatory discourse. Key points include:

1. The direct impact of macroeconomic trends and official comments on Bitcoin price movements.

2. Manipulative trading strategies continue to affect market balance.

3. Investors are advised to focus on long-term trends rather than short-term market fluctuations.

Bitcoin price trends are worrying, and the miner capitulation phase is an important factor. Although market conditions are changing rapidly, time may be a cure. However, the nature of Bitcoin determines that people lack patience; we may see prices stabilize between $60,000 and $70,000 in two months, or we may experience a sharp correction. "

Bitcoin's recent drop to $61,000 reflects the intricate interaction of external economic variables and internal market mechanisms. For investors, strategic patience and awareness of broader economic signals remain critical in the uncertain field of cryptocurrency investment.

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