Bitcoin suddenly fell from around US$30,000 to US$28,000 yesterday. Many investors speculated that there might be some reasons for this, such as the United States changing the direction of interest rates or the employment rate slowing down, etc. However, in fact, the United States announced yesterday The data on unemployment benefits shows that the U.S. job market is actually slowly cooling down. More people have been laid off and are claiming unemployment benefits. The economy is no longer as demanding as in the past due to the impact of high interest rates. This is what the Fed hopes See the situation.

Therefore, we tend to believe that investors with larger positions are liquidating their existing positions. Above US$30,000 is the price at which many investors start to make profits. Considering that the holding period has been as long as two years, and the U.S. tax filing season has already Initially, in order to raise cash to pay taxes, investors are more likely to sell coins to pay taxes. Finally, long leverage was forced to liquidate due to the drop in currency prices, accelerating the overall currency price decline to 3%.

We believe that this decline will only be a short-term correction. If the time horizon is extended to a longer period, $30,000 this year is still a reasonable price for Bitcoin, because the US inflation pressure and interest rate market have slowed down. As a digital commodity, Bitcoin The currency has always followed the trend of interest rate policies. Now it is just a short-term correction caused by investors unwinding and cash flow needs. The target price remains at US$30,000.

Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.

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