Interest rate hike expectations fully impact the market!

The US-Iran ceasefire agreement continues to be implemented, geopolitical risk premiums continue to fade, coupled with rising hawkish rhetoric from the Fed, expectations of rate hikes within the year are increasing, the US dollar and Treasury yields are strengthening simultaneously, continuously suppressing bullish forces in crypto prices.

Yesterday, BTC continued to decline, breaking through the 60k mark in a bearish trend, hitting a low around 59,000 before starting to rebound. Now, the next step is to place long orders on pullbacks, with stop loss set at the early morning low. Overall, the market is still weak. Personally, I feel it hasn't reached the bottom yet, but that doesn't affect taking a rebound trade.

The inflation data released in the evening continues to rise, expectations of a Fed rate cut will further cool down, and market sentiment for rate hike speculation will heat up further. This is clearly bearish for the crypto market. Prices are likely to continue their downward trend, and it cannot be ruled out that yesterday's drop was a front-running of the market.

BTC operation suggestion: long at 607-610, defense at the 60k mark, target 623, breakout to around 629$BTC #BTC下探60000美元关键关口