#加密市场回调

1. Natural Correction After Rapid Rise

Starting in March, especially driven by ETFs, BTC strongly broke through its historical high, during which there was basically no effective retraction, accumulating a large amount of profit-taking and floating profits. Technically, a correction is needed for digestion.

• Most of the rise was driven by institutional accumulation + retail FOMO;

• The correction is a technical adjustment to the uncontrollable rise over the past two months;

• An upward movement without correction is truly dangerous.

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2. Macroeconomic Factors Create Short-term Pressure

• The Fed's interest rate cut expectations have repeatedly fluctuated, causing turbulence in risk asset sentiment;

• The rise of the dollar index + the increase in Treasury yields are short-term bearish for BTC;