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Bitcoin has once again returned to a 76-starting level—are you guys trying to bottom fish again?
You can’t catch any of it!
On May 15, Eastern Time (US), the Federal Reserve officially announced: Before Powell is formally sworn in as chairman at Wash, he served as acting chairman, and his original term expired on May 15. To avoid a power vacuum, the May FOMC meeting is still chaired by him. In the short term, expectations for rate cuts are unlikely to heat up, and Bitcoin lacks easing-policy bullish support.
The incoming chairman, Wash, is a hardline hawk with a clear stance against inflation. The market is pricing in that after taking office, interest rates may be maintained at high levels—or even raised. The U.S. dollar strengthens + real interest rates remain elevated, suppressing crypto’s upside.
With the Federal Reserve leadership change coming on top of policy differences, uncertainty about the monetary policy path has increased. Bitcoin’s room to rebound is limited. And with hawkish Wash taking over, it will continue to weigh on Bitcoin—if there’s a rebound in the short term, sell into the higher levels and keep it as a high-altitude short.
Entry opportunity: short around 77,200; target 75,400-74,500