The crypto market is experiencing intensified fluctuations, and "Super Wednesday" may become the key to the next trend.

June 12 is referred to as "Super Wednesday" because the latest CPI data and the Federal Reserve's interest rate decision are about to be announced, and this data may become an important indicator for the future trend of the crypto market.

Prior to this, the crypto market experienced significant fluctuations. Bitcoin, although it once approached $70,000, could not hold that resistance level and fell to the $66,000 range, even hitting a near three-week low. Currently, Bitcoin has rebounded to around $67,000, but the 24-hour decline is still 1.1%.

The pullback of altcoins is larger, with several mainstream tokens such as Ethereum, Solana, and Dogecoin experiencing declines between 6-9%. This pullback has resulted in over $250 million in leveraged derivative trading positions across the crypto market being liquidated, primarily affecting long positions.

Despite the market correction, some fundamental indicators are still performing well. The user base of Ethereum continues to grow, with the number of active addresses and new addresses reaching relatively high historical levels. The significant decrease in the holdings of stablecoins on exchanges may indicate a recovery in market confidence.

Some institutional investors remain optimistic about the upward trend of the crypto market in the future. A certain crypto investment institution in Singapore believes that, despite the pressure on the short-term market, it is still a good opportunity to accumulate cryptocurrencies. Positive factors include the launch of the spot Ethereum ETF and political figures vying for crypto voters.

Another research institution has pointed out that Bitcoin may experience frequent fluctuations recently, as the crypto market is "highly sensitive" to economic data and "highly correlated" with U.S. stocks. Data shows that the 30-day correlation coefficient between Bitcoin and the Nasdaq has increased to 0.64 for the first time since 2022.

The crypto market's expectations for the future are mainly influenced by changes in monetary policy. The market seems to be in a preparatory phase for the next bull market, with future focal points including the timing of the Federal Reserve's interest rate cuts, the impact of Ethereum ETF approvals, and changes in sentiment regarding Bitcoin ETF fund inflows.

Overall, the pullback in the crypto market this week has not affected the overall positive trend of the market. Some believe that certain positive signs that appeared during the sell-off may indicate a rapid economic recovery. As other countries around the world continue to cut interest rates, it will be difficult for the United States to ignore this, and Bitcoin seems to be gradually digesting the effects of the Federal Reserve's rate cuts.

Analysis indicates that Bitcoin had multiple pullbacks prior to this year's FOMC meeting, but soon after, it quickly reversed its trend. Therefore, the current pullback may be a buying opportunity.