As BlackRock, a $9 trillion firm, has highlighted, Bitcoin has become a key player in the financial sector.
BlackRock noted in a recent publication that Bitcoin’s value stems from several key attributes that distinguish it from traditional currencies.
These features offer solutions to long-standing problems in monetary systems. Notably, Bitcoin’s supply is capped at 21 million units, ensuring that it will not easily depreciate, providing a degree of stability in a world prone to inflation.
In addition, its digital and global nature makes cross-border transfers almost instant and cost-effective, solving the problem of inefficiency in cross-border value transfer.

Tonight, the U.S. Federal Reserve is expected to take a step it hasn’t done since March 2020: cut interest rates!
Despite their preparations, investors around the world remain nervous, unsure of what will happen to financial markets and the global economy after the crisis.
The Fed lags behind the Bank of England, the European Central Bank and central banks of Canada, Mexico, Switzerland and Sweden.
They have cut interest rates to combat a slowing economy and inflation. But no institution wields as much influence as the Federal Reserve, the world's largest central bank.
So of course a rate cut would shake up every corner of the financial world.

Bitcoin closed with a large positive candlestick on the daily chart and fell slightly after touching the upper resistance level, almost recovering all the losses of the previous three days. At the same time, it was accompanied by the return of bullish momentum, expressing the meaning that bulls are in strong control of the market, but the overall market has not been able to break away from the shock range, and the subsequent direction is not clear enough.

The medium-term price trend has indeed completed a turning point above 57,000, restarted the rise, and broke through the previous high. When relying on the previous resistance level to form an engulfing top pattern, we need to be vigilant against continued declines in intraday prices.

The short-term gain is better than expected, but it still maintains the rhythm of drawing a gate. I believe that when the long-term trend is unclear, the small level will continue to maintain a V-like situation. Judging from the current market, the previous upward trend is being destroyed, and we need to wait for a fully volatile adjustment to come.

9.16 Bitcoin Analysis

The daily line formed two small negative lines over the weekend, accompanied by sluggish trading volume, which means that this previous upward trend is facing a correction, and long positions need to be vigilant.
After maintaining a high sideways trend in the medium term, the price failed to reach a new high. With the increase in short-selling momentum, a downward breakthrough was ushered in. In the short term, after completing the trend conversion from multi-to-short yesterday, it has now begun to enter a downward trend. The N-shaped trend will be maintained in the future, and the probability of continued decline is relatively high.

Macro analysis:
In the long term, it is still oscillating within the rising flag structure. (Popular science: most rising flags break upward, and most falling flags break downward.)

Emotions play a vital role in trading, as fear can lead to rash decisions, while greed can trigger overly ambitious investments. In the world of cryptocurrencies, emotions play an even more important role due to the inherent volatility of cryptocurrencies. A Crypto Fear and Greed Index can be developed to track these emotions and measure their impact on the market. By understanding the index, investors can make more informed decisions and realize potential profits.
What is the Fear and Greed Index?
Fear
In trading, fear represents the anxiety of traders about future market trends and the possibility of losing their investments. It can appear due to adverse news affecting the market, a pattern that is different from the previously predicted pattern, etc. This usually happens to traders who take risky trades or those who follow the herd mentality and cannot trust their own reasoning and reasoning abilities. Sometimes, these people who feel fear due to even the slightest fluctuations in the market may sell their assets.

According to recent data, the Bitcoin price has been hovering above $58,000, proving that despite the volatility in the cryptocurrency space, Bitcoin has not wavered. In addition, the Fear and Greed Index shows a fear level of 32, proving that fear is still present in the market. The total market capitalization fell 0.22% from the previous trading day and stabilized at $2.14 trillion.

All significant cryptocurrencies showed mixed trends, with some rising and others falling, although the percentages varied. The biggest winner in this category was Toncoin (TON), which was up 2.38% and trading at $5.55 at press time. DOGE, on the other hand, saw its value rise by 1.73% to $0.1046, which could help further maintain its position in the memecoin space.

BTC is currently consolidating around 57450. The sideways trend that started last night is actually a good thing, indicating that the long and short forces are temporarily in balance. It is worth noting that with Bitcoin's short break, many altcoins took the opportunity to pull up a few percentage points! If BTC continues to maintain a sideways state, it will be beneficial to the subsequent performance of altcoins. The next focus is to observe the trend of BTC. Although it does not need to rise sharply, as long as it stabilizes around 54380, it is an ideal state.
Bitcoin is currently in a high-level consolidation phase and may face a callback risk in the short term, but the overall trend is still bullish. In terms of operation, it is recommended to chase the rise cautiously and reasonably control positions and risks. You can wait for the price to pull back to the support level before placing a long order. If the price is weak, consider shorting at a high level.