Bitcoin: Can the Fed’s $26.3B liquidity injection stop BTC’s $60K retest?

The article argues the Fed’s $26.3B liquidity injection (starting with a $6.5B operation on May 18) may not straightforwardly support Bitcoin. With BTC already below $80k and macro forces—stronger U.S. Dollar (DXY up ~1.5% this week) and rising Treasury yields—capital could flow into the dollar and bonds rather than risk assets. On-chain and market-positioning data show mixed stablecoin flows (≈+$1.5B on May 14, ≈-$1.3B on May 12) and record leverage: margin debt rose $83B in April to $1.3T (up 53% y/y). The piece warns that added liquidity could amplify short-term speculation and volatility, increasing the likelihood of a downside retest of ~$60k for BTC rather than a sustained rally.