The intraday market trends are indeed exhausting, and I dare not act rashly before Old Powell speaks.
The so-called interest rate cut expectations are just tired old "gimmicks"; it's best to just listen and not take them too seriously. After all, whether it's a rate cut or a rate hike, these are tools used by the Federal Reserve to achieve their objectives in controlling the situation. Currently, CPI data continues to rise, inflation remains high, tariff issues are still under negotiation, and the number of unemployment claims is also increasing. Under the influence of these factors, the Federal Reserve is highly likely to remain on hold and continue to observe. It's important to note that Old Powell will not listen to Trump; the Federal Reserve has always maintained its independence.
Now, turning our attention back to Bitcoin, it is still under pressure from the M-shaped double top above, while the trend support level below at 118000 - 112000 remains fairly strong. However, my biggest concern is that if Old Powell indeed maintains the current policy as I expect, it may not be a bad thing; a rate cut may not necessarily be a good thing either.
Now, the price has already retraced over 10,000 points. With the market being so sluggish under the influence of news, coupled with the weekly K-line showing signs of movement, the market could very likely experience extreme situations, with significant capital outflows or inflows. Based on the current situation, there is roughly 10,000 points of space above and 30,000 points of space below. If it were you, how would you operate in this market?
