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

ChainCatcher message, according to an analysis published by Bitfinex, BTC has significantly retraced to a local low over the past week, experiencing fluctuations in market sentiment. In the current market, $58,700 seems to be an important support level recently. The current economic situation indicates that the Federal Reserve will continue to adopt a cautious and prudent approach, maintaining interest rates at 5.25-5.50%, and has now also slowed the pace of asset reduction on its balance sheet, thereby increasing demand for government bonds. In the Bitcoin market, traders are still seeking price equilibrium, and volatility has eased.