Bitunix Analyst: Central Bank and Policy Uncertainty Combine, BTC Retreats to Liquidation Zone, Short-Term Liquidity Dominates Price

On April 28, market focus shifted from singular geopolitical risks to ‘policy divergence + liquidity repricing’. The Bank of Japan maintained interest rates unchanged with a 6:3 vote, marking a new high in internal disagreements, indicating that inflation pressures are nearing a critical point for policy change. Meanwhile, ahead of the Federal Reserve’s meeting, there was almost unanimous support for maintaining the current stance due to inflation pressures (including the dovish member Milan), leading to a conservative overall risk appetite for future interest rate paths, with the market continuing to pay attention to forward guidance. In this context, BTC failed to sustain its previous momentum, retreating from nearly $80,000 and shifting towards liquidation of long positions. Observing the liquidation heatmap, there is a significant accumulation of long liquidation around the $76,000–$77,000 zone below the current price, while the $78,500–$80,000 area above remains a short-term pressure and liquidity accumulation zone. The market has entered a typical ‘dual harvesting structure’ where there are incentives on both sides. Overall, the uncertainty at the macro level (central bank policy path + energy price transmission) has yet to provide a clear direction, leading funds to favor short-term liquidity plays rather than trend betting. BTC is no longer merely reflecting risk aversion but is now focused on liquidity and leverage-driven phases.