After BTC stepped back to the support level in the early morning of the 17th, it quickly rose around 9 pm. This wave of rise can be seen as the market has basically reached a consensus on the 25 basis point rate cut. In addition, forecast data shows that 64% of people believe that the Fed may cut interest rates by 50 basis points at 2 am on the 19th.
Regardless of the extent of this rate cut, the future market trend will be dominated by rate cuts. Rate cuts will increase the liquidity of the US dollar and lay the foundation for the upcoming bull market.
The current price has entered an area where both long and short sides are fiercely competing, and both long and short have their own reasons. Moreover, this trend is closely related to the first rate cut policy this year. It is expected that the market will fluctuate greatly in the future, and both long and short sides of the market have begun to lay out for the expected rate hike on the 19th. Data shows that in the next 7 days, BTC has $469 million in short positions at $61,800 facing liquidation, and $347 million in long positions at $59,300 to be liquidated.
In such an extreme market, it is recommended that everyone reduce leverage or simply not use leverage. Although it is exciting to bet on the news, whether it is going up to short or down to long, it may face huge risks. Steady operation is the wise choice.
