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April 30th Bitcoin Thoughts
Bitcoin's early morning drop was due to the Federal Reserve's hawkish interest rate decision, causing the market to plummet, falling to around 75,000. The bearish target we discussed yesterday was confidently hit.
After the decline, the rebound was very weak, and the overall trend is very weak. Currently, the market is entirely dominated by the bears, suppressing the price movement.
This Fed decision pushed the market’s rate cut expectations further into the future, leaving the bulls without momentum. The market has been led downward by the bears throughout, with each slight rebound met with resistance and a retreat, making it impossible to rally.
Now, do not chase longs recklessly; the risk is very high. The market is likely to continue weak sideways movement downward, testing lower levels again.
Bitcoin:
Sell directly when rebounding to around 76,200 or 76,700
First target is 74,800; if it breaks below this level, continue to watch around 73,500.
$BTC