Bitcoin: Volatility Repair in Progress, Fed Decision Becomes Key
Bitcoin's daily chart shows a two-day high and then a decline, indicating cautious market sentiment with insufficient rebound strength and a lack of incremental capital support, entering a phase of volatility repair.
Short-term moving averages (MA7) maintain a bullish arrangement, with the K line currently above MA7, suggesting that the short-term upward trend has not changed. However, the medium-term moving averages (MA30/90) are flattening out, creating pressure for recent rises.
Trading volume continues to decrease, and the market's buying momentum has significantly weakened, with a strong wait-and-see attitude among funds. The MACD indicator's histogram is gradually expanding above zero, but it remains below the zero axis with a golden cross diverging upward, indicating a weak rebound golden cross.
Tonight at 2 AM, the Federal Reserve will announce its interest rate decision, with the market generally expecting a 25 basis point rate cut to be a done deal.
In the context of favorable liquidity macro conditions, if the market can increase in volume and regain the $115,000 level, then the adjustments of the past two days will be a technical repair, as well as a washout before the rise, with the potential to challenge the pressure range of $121,000 - $125,000 again.
In terms of intraday operations,
Focus on the bullish opportunities at the support level of $112,500 - $111,500,
And pay attention to the resistance level of $114,500 - $115,500.
