Market news has not changed much, but sentiment weakened after the US stock market opened. It is generally believed that the rate cut in September has reflected the economic downturn risks, and the market has entered a recession trade early, with uncertainty surrounding the Jackson Hole annual meeting intensifying concerns. Speculation exists that Powell may continue to take a tough stance or shift due to economic worries, but the Federal Reserve emphasizes that the US economy still has resilience.
BTC trading volume slightly decreased, panic sentiment intensified, and investors with an average holding cost of about $95,000 began to switch hands. Since early July, the periodic low has been around $112,000, similar to the logic of the previous non-farm payroll data pullback, and this position may have support. In the short term, patience is needed to wait for recovery.
