On Wednesday, undeterred by the rebound, we stick to our bearish/shorting approach—unchanged—waiting for the Federal Reserve to make a decisive call.

After tonight at around 2:00 a.m., the highly anticipated release of the Federal Reserve interest rate decision will be announced. The market expects the benchmark rate to remain unchanged in the 3.5%-3.75% range. Given that inflation remains high and the number of FOMC votes supporting a rate hike is increasing, and with the Federal Reserve tending to act early to enhance its credibility—thereby ultimately reducing the strength of the motivation for subsequent tightening—we still cannot underestimate the possibility of a July rate hike by the Federal Reserve.

Overnight, crypto broadly fell, but the late session rebounded and closed higher, pulling back into the range. At the moment, BTC is consolidating around the 64,000 level. With neither bulls nor bears showing strong follow-through, and under the backdrop of Bitcoin ETF flows continuing to see net outflows, the South Korean stock market triggering a circuit breaker, and tech stocks collapsing across the board, it’s difficult to view the market as likely to strongly rebound and recover.

Sell/short BTC from the 64,000-64,300 area; target 62,500. If it breaks down, reduce positions and look toward 61,800; reserve position to add (on).

Sell/short ETH from the 1,910-1,930 area; target 1,860. If it breaks down, reduce positions and look toward 1,820; reserve position to add (on), #SK海力士财报不佳盘后下跌