Market Liquidity Remains Unchanged as U.S. Government Resumes Operations

According to Odaily, BitMart's market report on November 18 indicates that the resumption of U.S. government operations has not led to the expected improvement in market liquidity. Within the Federal Reserve, there is a notable division regarding the possibility of an interest rate cut in December. Although the market still assigns a high probability to a rate cut, the overall sentiment leans towards a 'hawkish cut,' offering limited stimulation to asset prices. U.S. stocks have entered a healthy correction phase, with AI leaders facing valuation and interest rate uncertainties despite stable fundamentals. The S&P and Nasdaq have experienced a roughly 5% phase correction. If the 2019 soft landing pattern repeats, there may still be additional downside potential. The cryptocurrency market continues its weak consolidation, with Bitcoin's short-term cost range of around $100,000 having been breached. Prices have also fallen below the 365EMA and the $93,000 support level, leading to widespread losses among short-term holders. If Bitcoin cannot quickly return to the aforementioned range, it may enter a prolonged downward cycle. ETF funds continue to exhibit a weak structure of 'inflows during rises and outflows during declines.' Bitcoin ETFs have seen net outflows exceeding $1 billion for three consecutive weeks, while Ethereum ETFs have also experienced weekly outflows of over $700 million. Overall, Bitcoin's current phase bottom range is concentrated between $80,000 and $90,000. Although market sentiment is nearing full release, there remains a marginal possibility of further price declines. In the short term, maintaining a defensive stance and patient observation is advised.