#打榜优质内容# Bitcoin market analysis for today

The Federal Reserve minutes stir the market, Bitcoin plunges in the short term.
The biggest black swan last night was the Federal Reserve's meeting minutes! After being released at 2 AM, Bitcoin dropped accordingly, with a decline of up to 0.41% in a short time. Not only Bitcoin, but Ethereum also suffered, falling below $4300, with a sharper short-term drop of 1.35%. The reason is quite simple; the market had previously anticipated an 85% chance of a rate cut by the Fed in September. However, the meeting minutes indicated that there were internal disagreements on whether to cut rates (though most committee members agreed to keep rates unchanged). It's like everyone is waiting to eat candy, and then the teacher says, 'Let's wait and see.' Market sentiment suddenly became cautious, and many funds chose to take profits temporarily or sit on the sidelines. The Nasdaq index also fell in response.
The long-short battle is intense, with 114,000 becoming a key psychological level. From a technical perspective, the 114,000 USD position has now become an important psychological and technical support level. The price of the coin is oscillating around this level, indicating that both the bulls and bears are locked in a fierce struggle here.
Bulls believe: the overall upward trend has not been broken, the 24-hour increase is still positive, and buying on dips is a good opportunity.
Bears believe that the uncertainty of the Federal Reserve, combined with the excessive gains in the previous period, indicates that a correction is due. This kind of game can also be seen from the Fear and Greed Index, which was at 44 (fear) yesterday and has risen to 50 (neutral) today. This indicates that market sentiment is recovering from the previous panic, but it is not particularly optimistic and is in a relatively conflicted state.
So how do we look at it next?
Focus on Powell's speech! All eyes are on Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Conference tonight (or early tomorrow morning Beijing time). This can be said to be the most important risk event of the week! The market will closely grasp every word he says, looking for clearer signals regarding whether there will be a rate cut in September.
If Powell releases a dovish signal (such as hinting at interest rate cuts), then Bitcoin is likely to surge again, possibly challenging previous highs. If Powell's stance is hawkish (such as emphasizing that inflation is still high and there is no urgency to cut rates), then the market may face another wave of pressure, and Bitcoin may test lower support levels.
For short-term traders: The current market is highly volatile, making it a time of high risk and high reward. Be sure to control your positions and set stop losses to avoid being swept out by sudden spikes. Those who are more cautious can wait for Powell's speech to clarify the direction before taking action.
For long-term holders: short-term fluctuations are just small waves, just hold on to your chips. The pullbacks in a bull market are for better upward movements.
The above does not constitute investment advice!!!