[Market] Bitcoin temporarily relinquishes $90,000…"Downward trend intensifies despite US rate cut"

Bitcoin (BTC) briefly fell below the $90,000 level on the 11th based on the Binance Tether (USDT) market, showing a weak trend. Despite the US Federal Reserve (Fed) announcement of a benchmark interest rate cut, buying pressure across the market did not strengthen, and key support levels failed to hold.

According to market data on the 11th (local time), Bitcoin attempted a short-term rebound immediately after the US rate cut announcement but was pushed below $90,000 on the Binance Tether market. Prices later recovered somewhat, but volatility expanded and the $90,000 level did not hold steadily. Spot trading volume also showed a limited increase compared to the rate cut announcement.

Fed Chair Powell reaffirmed the price stability goal at a press conference and maintained a cautious stance on further easing. The market reacted positively to the rate cut itself, but the remark that "the policy path will be determined by the data" failed to trigger a strong rotation into risk assets. Some analyses cited the fact that the rate cut does not guarantee a short-term expansion of liquidity as a factor affecting price movements.

A similar trend was observed in the derivatives market. Futures open interest decreased, while short-term leverage ratios remained at high levels. In the options market, the proportion of put options relative to calls widened, indicating an increase in short-term bearish bets. Exchange-based long/short ratios also stayed below neutral.

In the short term, whether $90,000 is recovered is being cited as a key indicator. If buying pressure is not confirmed during the period of increased volatility, price movements are likely to remain within a limited range. Spot trading volume and changes in derivatives positions are expected to influence future directional assessments.

Currently, Bitcoin is trading at $90,344, down 2.37% from the previous day on the Binance Tether market.