Bitcoin has been overall fluctuating at a low level these past two days, even dropping to a new low not seen in two and a half weeks. Currently, this round of correction is primarily influenced by macro sentiment and liquidity behavior.

On one hand, the latest wholesale inflation data from the U.S. exceeded expectations, and the market's expectations for a rate cut by the Federal Reserve have clearly cooled — in a high-interest-rate environment, the appeal of risk assets naturally diminishes. On the other hand, many swing trading institutions have chosen to take profits, after all, the previous wave of increases was too sharp, and there is a demand for technical consolidation. Additionally, Yellen's recent statement that "we are not considering increasing Bitcoin as a reserve" has also reduced a potential catalyst in the political forecast.

In the short term, I think it will mainly be a process of fluctuating digestion; the market needs to reassess liquidity expectations and position structures. However, in the medium to long term, the fundamental narrative of Bitcoin has not changed significantly, and the next signals on interest rates or institutional dynamics might bring about a new round of directional choices. In terms of operation, I recommend not to rush, and to wait until the long and short sentiments are a bit clearer before proceeding.

However, the essence of the bull market still exists, and one should not be overly bearish while in a bull market. $BTC #加密市场回调