【Blockchain Rhythm】Bitcoin has been quite active these days. After rebounding from a low point to $90,500, it started to decline again, briefly touching $89,300, almost losing the support level near the 50-day moving average at $89,200. This is already the third consecutive day of adjustment, compared to just reaching close to $95,000 on Monday.
Analysts from crypto trading firms pointed out that the recent decline is mainly due to two reasons—significantly low trading volume and many traders taking profits at high levels. Although risk appetite briefly increased after the market opened at the beginning of the year, the market failed to break through the key resistance at $95,000. In the past two days, it has shown clear two-way volatility, and ETF funds continue to flow out net.
The Fed's rate cut expectations are also dampening market sentiment. According to CME data, the probability of a rate cut at the Federal Reserve meeting on January 28 is only 11.6%, down from 15.5% a week ago and 2