BlockBeats News, March 19th, On-chain data analyst Murphy released a chart analysis stating, "From the two downturns on February 28th and March 10th, looking at the scale of realized losses brought about by these two downturns (including on-chain losses and losses from transfers to trading platforms), the second downturn was significantly smaller than the first. However, the second downturn was deeper, but did not result in more loss-making positions due to the lower price, indicating that panic selling peaked and then declined. At the same time, we also observed that during the retracement of the second downturn, from March 7th to March 13th, there was an increase in buy orders on Coinbase for BTC spot, indicating that U.S. investors are still interested in BTC around $80,000, and showing a willingness to opportunistically buy the dip. From these two perspectives, the current panic sentiment has gradually eased, with data leading the price and reflecting a certain expectation for the short-term market. However, the price has not yet significantly reflected this change in sentiment, perhaps the market is waiting for a catalyst."

"From a macro perspective, the data released at 2 a.m. on the 20th by the Fed's interest rate meeting and Powell's subsequent speech may be this key point. As long as the situation is not unexpectedly bad, based on the current data, it is believed that the conditions for a short-term rebound are in place; as for whether it will be a weak rebound or a strong rebound, it depends on how the market interprets it. This sharing is for learning and communication purposes only and should not be construed as investment advice."