#加密市场回调

Cryptocurrency Market Pullback

Market Situation Brief

• Bitcoin quickly pulled back about 2–2.3% after reaching a new high, dropping from about $124k to about $119k, which also led to declines in major coins like ETH, XRP, and SOL.

• The recent cooling primarily stems from the U.S. Producer Price Index (PPI) being higher than expected, strengthening market expectations for the Federal Reserve to delay interest rate cuts, resulting in selling pressure on risk assets.

Technical and Market Interpretation

• This round of pullback triggered over $1 billion in leveraged liquidations, but analysts believe this is a healthy profit-taking adjustment rather than a market trend reversal.

• Bitcoin has shown signs of accumulation in the short term—selling pressure from short-term holders has decreased, and net inflows into exchanges are nearing the bottom, similar to the patterns observed before the bull markets in 2017 and 2021.