This Friday (September 27) at 4 pm is the BTC September quarterly options delivery date, when a total of $5.726 billion in positions will expire, the put/call ratio is 0.62, and the maximum pain point is at $58,000.
As the Fed's expectations of a rate cut come true, the market has briefly released gains. Both the sentiment and capital sides have been released, but the momentum is obviously weak.
When the rate cut was implemented, Bitcoin was around $59,000. One week later, Bitcoin rose by about $5,000. This momentum is actually relatively small, and the rapid rise is the best proof that the market speaks with money.
This situation is weak both in terms of sentiment and capital.
In addition, the previous large CME gap has not yet been filled, and the pressure for the market to fall still exists.
Historical article: Bitcoin is approaching a key resistance level! The fun is about to begin!
Recently, I was thinking that at present, only the macro-level changes have taken place, but the fundamentals of the crypto market have not improved. There are no new events that push the market forward, and funds are still not active enough. The funds from the interest rate cut will not flow into the market quickly and in large quantities. It is still a transition period.
When I looked at the K-line chart today, the K-line trend in August was very similar to that in September. Both rose in early August and began to fall as August approached. And the trends were very similar.
Although some altcoins have seen large increases in the past two days, I believe this is a result of Bitcoin's sideways trend, which is in line with expectations.
From my personal point of view, the current attitude is still cautious, and reducing positions is still an operation that needs to be considered in the near future.
Today is Monday, and the American institutions are at work tonight. Maybe there will be some activity in the funds, which can bring some market trends. I cannot predict their activities, but if the market is also weak tonight, breaking below 62,000, the upward expectations will be reduced again!
Well, nothing much to say today, so that’s all for now.
(The crypto market is volatile, this is just a sharing of opinions, not investment advice)
