$BTC
Yesterday, the price of Bitcoin and the U.S. stock market experienced exceptionally volatile movements, going through four 'roller coaster' fluctuations in a single day.
Despite Moody's downgrade of the U.S. credit rating and the U.S.-China chip export dispute, which briefly triggered market panic, it was ultimately quickly digested.
The U.S. stock market turned from decline to rise, indicating that investors' concern over the credit downgrade has decreased. The short-term trading volume of Bitcoin has slightly increased, but the momentum is limited, suggesting that there has not been a panic sell-off in the market.
During this period, the market has been oscillating at high levels, guiding retail investors throughout the day. Yesterday's decline can only be seen as a correction, with the main players aggressively washing out positions.
However, the bullish trend remains strong, with most funds concentrated around 93,000-98,000, while funds near 102,000 are gradually accumulating, which may become the next support level.
The various news in the market, such as interest rate cuts and liquidity easing, are the real signals; otherwise, we might as well reminisce about the previous range-bound period.
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