1. The impact of the Federal Reserve's interest rate cuts on the Bitcoin market is complex: the digestion of expectations, concerns about economic recession, and the uncertainty of global capital flows all play a role. 2. Rising risk aversion leads investors to prefer traditional safe-haven assets, putting significant pressure on key technical levels. 3. The tug-of-war in the global economy makes the actual attractiveness of the US dollar strong, affecting liquidity in the crypto market. 4. The short-term bullishness of Bitcoin is difficult to sustain, and market sentiment is turning cautious; understanding market sentiment and capital flows is more important.