On Tuesday (September 17), Bitcoin faced bearish pressure at the $58,000 level, and the uncertainty of the Fed's interest rate cut exacerbated the market's cautious sentiment. Former US President and Republican presidential candidate Donald Trump did not release substantive information about his family's new financial project World Liberty Financial (WLFI) during the live broadcast, which disappointed the crypto community. Microstrategy, a US-listed giant, announced a $700 million private placement for debt repurchases and Bitcoin acquisitions.

Fox Business reporter Eleanor Terrett tweeted that she got most of the feedback from community listeners, perhaps because no substantive information about the platform and its actual use was disclosed, and the results showed that the community was disappointed with the Trump family's decentralized finance (DeFi) project WLFI.

The inside story of the Trump family's preparation to issue WLFI tokens was exposed in advance. Zak Folkman, WLFI operations director, said that there will be no pre-sale of WLFI tokens, which will be regulated by the U.S. Securities and Exchange Commission (SEC), and up to 63% will be sold to U.S. compliant investors.

According to Decrypt, after surviving a second round of assassination attempts, Trump launched the long-rumored cryptocurrency project WLFI on Tuesday. Although many details of the project remain unclear, the team behind WLFI revealed previously unconfirmed details in a live interview with Decrypt's sister company Rug Radio.

MicroStrategy announced on Monday that the notes, which are due to mature in 2028, will be offered to institutional investors, subject to market conditions. MicroStrategy will use the proceeds to redeem $500 million in senior secured notes and, if there are any remaining funds, will further increase its Bitcoin holdings.

MicroStrategy shares fell 4.91% on Monday, but have risen 9.37% over the past week. If the offering is successful, the $500 million in senior secured notes will have an interest rate of 6.125% and will be redeemed on September 26, 2024.

The notes are secured by 69,080 bitcoins and will be released upon repayment. MicroStrategy reaffirms its strategy of using bitcoin as a key financial reserve asset while actively increasing its bitcoin holdings.

The offering comes on the heels of MicroStrategy’s recent acquisition of 18,300 bitcoins worth $1.11 billion, bringing its bitcoin holdings to 244,800 bitcoins. The firm’s bitcoin portfolio is now valued at $1.415 billion, a 50% increase driven by a combination of strategic fixed-interval purchases and bitcoin price appreciation.

MicroStrategy’s focus on balancing debt reduction with Bitcoin accumulation remains at the core of its broader financial goals. Aside from ETFs like BlackRock IBIT and Grayscale GBTC, MicroStrategy is the largest publicly traded company in the world in terms of Bitcoin holdings.

Bitcoin and cryptocurrency markets were weaker as traders speculated on Wednesday's Federal Reserve rate decision, which dampened interest in riskier assets. Rate-sensitive technology stocks were on a downward trend, causing the Nasdaq Composite to fall 0.52% to start the week.

Global markets remain divided over whether the Federal Reserve will cut interest rates by 25 or 50 basis points. On Wednesday, the Fed could signal a sharp rate cut to prevent a hard landing for the U.S. economy, which could spark risk aversion. Policy measures to avoid a deep recession will affect demand for riskier assets.

The probability of a 50 basis point rate cut by the Federal Reserve in September increased to 62.0% on Monday from 50.0% on Friday, according to the Chicago Mercantile Exchange's (CME) Fed Watch tool.

Bitcoin Technical Analysis

Bitcoin is hovering below the 50-day and 200-day EMAs, confirming a bearish price signal.

A breakout of the 200-day and 50-day EMAs will support a move towards the $60,365 resistance level.

This could allow the bulls to rush towards the $64,000 resistance level.

Conversely, a break below $57,500 might allow the bears to target the $52,884 support level.

With a 14-day RSI reading of 47.96, Bitcoin could drop to the $52,884 support level before moving into the oversold territory.