According to Woofun AI, the US Federal Reserve System decided to maintain the benchmark interest rate at 3.75% to 4.00%. This decision, which met about 90% of market expectations, directly triggered a rebound in the digital asset market. The price of Bitcoin experienced sharp fluctuations before and after the announcement of the resolution. Although it briefly fell below $84,000, it eventually steadily recovered to near the $81,000 mark.
This price repair process was not solely driven by fundamentals; the forced liquidation of large numbers of short positions in the derivatives market constituted a key upward driving force, causing BTC to re-establish short-term support levels amid fluctuations.
Looking at macro market data, the total market value of global digital assets reached US$2.71 trillion on the 28th, an increase of 0.54% over the previous day; 24-hour trading volume climbed to US$63.15 billion, an increase of 6.49%.
According to data compiled by Woofun AI, Bitcoin accounts for 60.1% of the market and Ethereum accounts for 10.6%. Together, the two dominate the market. In terms of token performance, BTC rose 0.72% to $81253.17; ETH rose 1.03% to $2368.06; SOL performed strongly, rising 1.83% to $102.92; XRP rising 0.87% to $1.33; and BNB rising 0.99% to $755.23. In the meme sector, DOGE rose 2.52% to $0.08026, and PEPE rose sharply by about 13.5%, showing that capital is chasing high-risk assets. In contrast, TRX fell 0.21% to $0.3294, and XMR fell 0.31% to $600.79, showing a divergent trend.
Liquidation data from the derivatives market revealed the microstructure of this round of rebound. At that time, the total number of closed positions of all digital assets was over US$167 million, of which the amount of short positions closed was about US$110 million, accounting for about 66% of the total. In Bitcoin's separate clearing account, the liquidation amount was approximately $58 million, of which the amount of short positions closed was over $46 million.
This forced stop-loss behavior of leveraged positions forms a positive feedback cycle during price increases, further boosting asset prices. In terms of market sentiment, CoinMarketCap's fear and greed index is 46, which is at a “neutral” level; the alternative coin index is 60, indicating that major cryptocurrencies other than Bitcoin are also experiencing a buying wave, but overall investment sentiment remains cautious.
Looking ahead, market trends will be affected by both the Federal Reserve's policy path and the readjustment of derivatives positions. MN Trading founder Michael van der Poppe (@CryptoMichNL) analyzed that recently, the spot market has continued to have capital to buy Bitcoin, while the infinity futures market has chosen hedging transactions due to factors such as uncertainty about the US midterm elections and the risk of war. He believes that the market adjustment may be nearing its end. As the 30-day rights expire, the market may experience strong fluctuations in the next 1-2 weeks and is expected to form an upward trend.
However, whether Bitcoin can effectively break through the critical range of $80,000 to $82,000 will be the core variable that will determine its short-term direction.