$BTC
Probability of not lowering interest rates in May: 97.6%
Currently, everyone is more concerned about what Powell will say at the meeting!
A post near 97800 reminded not to go long, 97800 is the recent high point
After the non-farm payroll data was released, the price briefly surged to around 97800, but quickly fell back. This is actually a "trap" set by the main force to lure retail investors to chase the high.
The news that the Federal Reserve will not rush to lower interest rates in the short term has been digested by the market,
Instead, Powell's statements are more closely watched.
The market is guessing when the Federal Reserve will stop the balance sheet reduction.
A reliable statement is in June or July. But it's important to know that stopping the balance sheet reduction ≠ immediately expanding the balance sheet.
Let alone QE, such a "lifesaving move," under the current high interest rates, unless the economy collapses, it won't be used.
However, if Trump makes any major moves, then the market could be unpredictable.
Two key levels need to be closely watched.
95700 is an important resistance level; if the price fails to break through and hold this position, it is likely to fall, and one might consider going short.
92800 is a strong support level; once it breaks, the price may drop to around 90000, and if it continues to fall, it could be looking at the 88000 - 89000 range.
As Bitcoin declines, it could be a good opportunity to position in altcoins; recommended potential altcoins, the main post has been updated.
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