Bitfinex Alpha: $58,700 is an important support level for Bitcoin in the near term. Although there has been a pullback in the past week, volatility has eased

According to ChainCatcher, Bitfinex published an analysis that BTC has fallen sharply to a local low in the past week, and has experienced market sentiment fluctuations. In the current market, $58,700 seems to be an important support level in the near term. The current economic situation means that the Federal Reserve will continue to take a cautious and prudent approach, maintaining interest rates at 5.25-5.50%, and has now slowed the pace of asset reduction on the balance sheet, thereby increasing demand for Treasury bonds. In the Bitcoin market, traders are still seeking price equilibrium, and volatility has eased.