Early morning train of Bitcoin market:

1) The short position has increased, but it is not sustainable, while the long position continues to be sluggish.

2) Yesterday, Fed Chairman Powell said that inflation may not return to 2% until the end of next year or the beginning of the year after, which means that the first interest rate cut may be delayed until December this year or the beginning of next year.

In summary, BTC will most likely bottom out again at the 0.382 position of the small cycle Fibonacci retracement, which is around 60,500. The volatile market is really not easy.