The Federal Reserve maintained interest rates unchanged and hinted at a slowdown in rate cuts, triggering massive sell-offs by early Bitcoin holders, causing Bitcoin's price to drop nearly 1% to $70,600. Market adjustments to interest rate cut expectations affected overall cryptocurrency market trends. Investors need to pay attention to the impact of Federal Reserve policy on crypto assets.
Bitcoin's correlation with gold has fallen to its lowest level since November 2022, indicating a clear divergence in their trends. Despite Bitcoin's recent rebound to $70,000, increased selling pressure suggests investors should monitor key support levels and gold price movements to determine market direction.
According to Coinglass data, if Bitcoin falls below $68,000, the liquidation intensity of long positions on mainstream CEXs will reach $608 million; if it breaks through $72,000, the liquidation intensity of short positions will reach $856 million. This reflects the importance of liquidation levels and the intensity of market reactions.
Gate News Report: On March 19th, according to CoinAnk data, the entire network experienced liquidations of $369 million in the past 24 hours. Among these, long position liquidations accounted for approximately $310 million, while short position liquidations accounted for approximately $58.5 million. From the distribution by cryptocurrency, Bitcoin liquidations reached approximately $126 million, and Ethereum liquidations reached approximately $102 million.
Gate News, on March 19th, Coinglass data showed that the entire network liquidated $61.7106 million in the past hour. Among them, long positions liquidated $59.7621 million, and short positions liquidated $1.9484 million. By cryptocurrency, BTC liquidations were $43.39 million, and ETH liquidations were $15.85 million.
On March 19, Bitcoin pulled back to key support levels due to unexpected rises in US inflation data and hawkish signals from Federal Reserve Chair Powell, with losses exceeding 4.6%, currently trading around $70,800. Market expectations for rate cuts have cooled, with crypto market cap declining to approximately $2.51 trillion and sentiment cautious. If it breaks below $70,000, it could further test $65,000. Market movements remain highly dependent on macroeconomic factors.
