BiyaPay analyst: Bitcoin is blocked by 117,000 yuan, the breakthrough direction depends on the Fed's interest rate negotiations with China-US negotiations

According to ChainCatcher, Bitcoin hit $117,000 today but still fluctuated in the range of $114,000 to $117,000. Analysts pointed out that the range has become a watershed between bulls and bears, and the subsequent trend may depend on the Federal Reserve's interest rate resolution and Sino-US economic and trade negotiations. At the macro level, if the Fed initiates a rate cut, liquidity expectations will be reshape. BTC rose 37% in the first month of the interest rate cut cycle in 2019. At the same time, central banks in many countries have hinted that they may increase bond purchases in the fourth quarter, and the global easing trend provides support for crypto assets. In terms of market structure, the option PCR rose to 0.65, indicating an increase in hedging demand; at the capital level, digital asset funds had a net inflow of US$120 million last week, but the share of Bitcoin ETFs fell, and funds turned to Ethereum and Solana. Analysts believe that the decline in trading volume highlights caution, and $117,000 may continue to put pressure. If the Sino-US negotiations make progress in digital asset regulation and cross-border payments, it may become a new catalyst.