Been watching the crypto markets and there's clearly been some heavy selling pressure lately. Liquidations hit hard when BTC suddenly dropped around $1,700 during US market hours, triggering over $55M in long positions getting wiped out in just two hours. That kind of move tends to cascade and push prices lower pretty quickly.

What's interesting is that despite some positive news around government stuff, the market sentiment is still fragile. Bitcoin was down around 4% and Ethereum even more, while institutional products like spot Bitcoin ETFs saw billions flowing out over recent weeks. The Fear & Greed Index stayed deep in extreme fear territory, which usually means oversold conditions.

Thing is, looking at current prices, BTC is actually holding around $80K and up slightly on the day, while ETH is sitting at $2.32K and also in green. So the question now is whether this bounce holds or if we're just getting a dead cat bounce before more selling comes in. Watching the Fed meeting closely since that's likely to be the next big catalyst for where we go from here.