BTC fell to 79K, Ripple led the decline, and the long and short game intensified on the eve of Walsh's speech

According to Woofun AI, the price of Bitcoin fell below $79,000, and the long and short game intensified significantly under the double pressure of the Federal Reserve's policy shift to expectations and Kevin Walsh's upcoming speech.

On the morning of Thursday in the Asian market, Bitcoin fell close to 1% on the same day, after briefly breaking the $80,000 mark. This is the first time such a market has occurred since May. Among mainstream currencies, Ripple experienced the most significant decline, falling nearly 3% to slightly above $1.41, but its weekly increase was 28%, maintaining the lead. Hyperliquid's HYPE stock fell more than 1% to below $81; Tron fell more than 1% to just over 33 cents. Solana bucked the trend and rose nearly 4% to slightly above $101, with a weekly gain of 19%. Ethereum rose 1% to below $2,494; Binance Coin rose nearly 1% to below $703; and Dogecoin remained slightly below 9 cents. Over time, the weekly gains brought about by the strong gains of the past week have narrowed markedly. Bitcoin's seven-day gain fell to 14% from 23% previously, while Ethereum's seven-day gain also fell from 29% to 11%.

Data compiled by Woofun AI shows that interest rate expectations are constraining the market's rebound. As traders became more optimistic about the possibility of interest rate increases, short-term treasury bond prices fell at night, which was not conducive to Bitcoin's upward momentum in a low-yield environment — the price of Bitcoin was still below $68,000 last week.

Federal Reserve Chairman Kevin Walsh will deliver his first keynote address since taking office in Jackson Hole on Friday, three weeks until the September 15-16 interest rate decision meeting. Joel Kruger, a market strategist at LMAX Group, said that judging from the daily chart, the relevant technical indicators are already overbought, but not all overbought situations will cause a sharp reversal. He believes that the next key support level is near the highest point in May, around $82,820. If the price can break through this level, it is expected to move back in the direction of $100,000.

The stock market showed the opposite trend. After announcing strong sales growth expectations until 2028, Nvidia (NVDA.US) shares rose nearly 5% in after-market trading, driving up Marvell Technology (MRVL.US) and SanDisk (SNDK.US) shares. The MSCI (MSCI.US) Asia Pacific Index rose 0.5%, with SK Hynix and Samsung Electronics leading the way; South Korea's Korea Composite Index rose nearly 2%.

Meanwhile, Singapore-based QCP Capital posted on Telegram that the decline in unclosed contracts indicates that the market is more about closing short positions rather than new buying behavior, and that real demand comes from capital inflows from spot ETFs. The company concluded in the article: “Given the limited liquidity support, is this rebound structural or just a temporary phenomenon?”