Federal Reserve Chairman Kevin Warsh's hawkish stance at the Jackson Hole Conference caused the market to re-evaluate interest rate prospects. As a result, Bitcoin fell to $76,845 for a time, and subsequently fluctuated around $77,000, with leverage positions in the crypto market also coming under pressure.
Wash emphasizes that inflation is still above the target
In his speech, Walsh stated that although recent inflation data has improved, it is not yet sufficient to prove that the inflation trend has continued to decline. He mentioned that PCE and CPI are still above the Federal Reserve's target level of 2%.
He stated that the current data does not indicate that the potential inflation trend has significantly improved. This statement has reinforced market expectations for higher interest rates to remain for a longer period, which also puts risk assets such as Bitcoin under new pressure to sell.
24-hour settlement approaches $480 million
According to the data from the blockchain platform CoinGlass, approximately 95,731 traders were liquidated in the past 24 hours, with a total liquidation amount of around 479 million US dollars. Among them, long positions suffered losses of about 368 million US dollars.
- 24-hour total settlement amount: approximately $479 million
- Long liquidation amount: approximately $368 million
- Maximum single settlement: Binance The previous one was 11.66 million US dollars. ETHUSDT Position
The rapid decline in prices indicates that the leverage level in the market was relatively high prior to this. Against the backdrop of weakening macroeconomic expectations, short-term fluctuations have been further amplified.
$81,000 becomes a focal point of attention
The report mentions that analyst Ash Crypto considers $81,000, near the 50-week moving average, to be an important resistance level for Bitcoin at present. If the price cannot regain this level, market sentiment may remain cautious.
The analysis also states that Bitcoin has experienced a cumulative decline of about 54% in this cycle. Although this is lower than the significant drops in 2018 and 2022, the current trend still hasn't managed to break away from the weak range.
Some technical indicators have shown signs of improvement, including MACD, RSI, and Stoch RSI turning positive. However, before the price can firmly stabilize above $81,000 again, the market still lacks a stronger confirmation of a rebound.
If selling pressure continues to increase, the range between $75,000 and $70,000 may become the key observation area in the next phase.
