Recently, the digital currency market has once again shown its high volatility. After hitting a low point yesterday morning, Bitcoin quickly rebounded, with its price approaching the $59,500 mark, successfully returning to the trading intensive area of the past month. As of the time of writing this article, Bitcoin is quoted at $58,952, with an increase of 3.44% in the past 24 hours.
BTC Trend Analysis
Yesterday, the 1-hour level fell again and then rebounded upward. It seems that it has not been completed yet. Pay attention to the pressure level near 60,000 above.
At the 4-hour level, after the decline on the 31st, the rebound did not continue to decline in volume, which makes the current market lose its effective interpretation. The main force will repeatedly wash the market and will not pull it up all at once, and the liquidity crisis has always existed.
Current SOL Trend Analysis
SOL has tested the support level of 127 on the daily line for 6 consecutive times, and has not fallen below it. The buying and supporting forces so far are very strong, and the position of 127 can be regarded as the lifeline of $SOL.
Now it rebounds upward along with the market. The upper pressure position is 138-140. Only by breaking through this position can it continue to rush upward. 144 is the POC area of this stage. If it falls again, you can buy it.
Major events this month
September 4: $MATIC - POL migration.
September 4: $RUNE - Hard Fork Upgrade.
September 5: United States - Initial jobless claims.
September 6: US unemployment rate released.
September 10: Trump vs Harris TV debate.
September 10: U.S. Congressional Defi-related hearing.
September 11: US CPI index is released.
September 12: US PPI index is released.
September 18: The Federal Reserve’s interest rate decision day (whether to cut interest rates).
September 18: The U.S. Congress held a hearing on crypto scams.
September 23: U.S. Congress holds a hearing on the SEC’s cryptocurrency enforcement powers.
September 29: CZ is free.
Key events affecting the market:
Economic Concerns: Upcoming economic reports could heighten fears of a U.S. recession, which could trigger sharp market moves.
Political impact: The U.S. presidential campaign is entering a critical phase, which could bring uncertainty to the market, especially as both major candidates have expressed support for cryptocurrencies.
Federal Reserve Rate Decision: Big Impact of Potential Rate Cut on Crypto Market.
Will risky assets be pushed up by interest rate cuts?
Finally, the first official rate cut by the Fed will occur in mid-September. From a long-term perspective, the prices of risky assets will definitely be pushed up by the rate cut. The PCE price index released last week was also in line with expectations overall. The US economy is heading towards a soft landing. In order to avoid further recession, the probability of the Fed taking a preventive rate cut is 100%. The prices of Bitcoin and other risky assets are also more likely to rise. Market fluctuations are now quite difficult to predict.
This will be a "tragic" bull market
Institutions, retail investors, project parties, and exchanges are all trampling on each other in the market.
Congratulations to those who are still "alive" during this round of adjustment of more than 4 months. At least you know the dangers of the market. The financial market has always been a place where people are eaten without leaving any bones. Next, you will only become more and more courageous, hold on to your chips, and don't leverage contracts. At least there is hope for the recovery of spot chips.
Contract leverage will only destroy your mentality over time and end in failure.
Friends who use OTC leverage should also be cautious and plan their repayment rhythm reasonably. Don't have any mental loopholes, otherwise, like on-exchange leverage contracts, they will only miss the next wave of the market. My personal choice is to survive until the end of the year and survive Q1 2025. I don't believe it will fall for another 4 months, which means the entire round of correction will take more than 8 months.
That would exceed the 22-year bear market, the longest in history. No matter what, the Year of the Horse in 2025 after the interest rate cut will definitely be more fun than 24 years. The Years of the Ox and the Horse echo each other, and we will endure it month after month until the dog house is dead.
Create a high-quality circle, mainly spot goods
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