#比特币创下近一月内新高
Gate Square | Bitcoin Breaks $74,000: Is this the start of a "New Bull" or the "Last Hurrah Before Recession"?
Just now, staring at the candlestick chart on the screen, that long-missed sweaty-palmed feeling returned. After nearly a month, Bitcoin finally touched above $74,000 again. This rally was accompanied by two major news from the White House: first, the formal nomination of Kevin Warsh for Federal Reserve Chair to the Senate; second, the Senate's failure to block Trump's military strike against Iran.
War and leadership changes intertwine, risks and easing expectations soar. At this critical juncture, I want to share my views on today’s topic from two perspectives: macro logic and trading mindset.
1️⃣ Does Kevin Warsh’s nomination mean rising expectations for rate cuts?
My view is: expectations are indeed warming, but the implementation might not be so quick; the market may be "jumping the gun."
First, in terms of style, Warsh’s nomination definitely carries a strong "Trump flavor." Trump has publicly expressed hopes that under Warsh’s leadership, "interest rates will significantly decline." The market is smart; it has sensed the White House’s desire to "replace personnel and loosen policy," thus pricing in future easing expectations, which is the core macro driver behind Bitcoin’s surge.
However, if we dig a little deeper, the situation might not be so simple. Although Warsh is seen as a "dovish" representative, he has a complex background: he was a Stanford professor early in his career, a key aide to Bernanke during the financial crisis, and historically leans more "hawkish," criticizing the Fed’s large balance sheet post-crisis. This creates a contradiction: Trump wants him to cut rates, but deep down, he might prefer the Fed to return to a "small government, rule-based" track.
Even more critically, the current macro environment doesn’t support large-scale easing immediately. The US core PCE inflation remains high, and the fight against inflation isn’t over; meanwhile, Trump just launched a military strike against Iran, oil prices have risen, and inflation expectations are climbing again. Minneapolis Fed President Kashkari also warned that supply shocks from war would make rate cut decisions more difficult.
So my conclusion is: Warsh’s nomination opens up the "future rate cut" imagination space, but in the short term, it’s mainly market speculation; actual policy changes will likely only happen once the war situation clarifies and inflation is confirmed to be under control.
2️⃣ At this critical point, should we hold cash and wait for gains, follow the trend to chase longs, or reverse and prepare for a correction?
Facing the $74,000 threshold, my strategy is simple: don’t chase longs, don’t short, hold positions and observe, keep some USDT for a pullback.
Currently, my position is about 50%, mainly spot holdings of BTC and ETH. There are three reasons:
First, technically, the trend has indeed strengthened, but we are approaching resistance zones. On the daily chart, Bitcoin broke out of the downtrend channel since February, with moving averages forming a golden cross. But higher up, around $78,600 is a strong weekly MA10 resistance. Chasing longs at this level isn’t cost-effective; risk-reward isn’t favorable.
Second, liquidity is recovering but still has hidden risks. Recently, large on-chain transactions have increased significantly, and ETFs have shifted from net outflows to net inflows. This indicates institutional buying is resuming. But I’ve observed that this rally has created a "vampire effect" on altcoins, with market liquidity not fully exploding—just concentrated on pushing Bitcoin.
Third, there’s still uncertainty in the news. The war is ongoing, and the Fed’s March meeting (March 19) is approaching. If there’s news of war easing or a hawkish Fed shift, profit-taking above $74,000 could easily trigger a sell-off.
Therefore, my plan is:
· If holding: continue to hold the core position, aiming to capture the trend in the latter half of the halving cycle.
· If adding: wait patiently for a pullback. The first support is at $70,000 (the top-bottom reversal point). If it stabilizes there, I might consider adding a bit.
· If out of position: this is a tricky spot; small positions are recommended for entry, or wait until a confirmed breakout above $78,000 before entering on the right side. Chasing now risks getting caught on the flagpole.
---
Overall, Warsh’s nomination has brought strong expectations of "personnel change = liquidity injection," combined with safe-haven capital inflows triggered by geopolitical conflicts, fueling this new high. But we must clearly recognize that policy shifts take time, and prices often run ahead of reality.
At this critical juncture, instead of betting on a one-sided move, it’s better to be clever. Hold your ground, keep bullets ready—whether it’s a real breakout or a "dead cat bounce," we have room to respond.
Wishing everyone smooth trading at Gate Square, and a prosperous Year of the Horse! 🐴🚀