Yesterday's article focused on interpreting the "hawkish rate cut by the Federal Reserve" and the hawkish statement from #鲍威尔 . #BTC☀ also fell to the short-term support position near 99200 US dollars as I analyzed on Monday and Tuesday. Here is also the vicinity of the first trend line support, with the next trend line support near 96800 US dollars.

At three o'clock this morning, the #美联储降息 25 basis points from this meeting met expectations. But importantly, the wording of the meeting statement has been adjusted, reflecting changes in the FOMC's consideration of the implementation pace and extent of subsequent policies. There was also a divergence in ticket types, with some members opposing a rate cut in December. Economic forecasts clearly reflect concerns about inflation risks, and the Fed's risk balance has evidently shifted back towards inflation. The dot plot only suggests two rate cuts next year, showing an absolute hawkish tendency. Powell is cautious about further rate cuts and has expressed a hawkish stance.

After the meeting, the US dollar surged, while US stocks, gold, and Bitcoin all dropped significantly.

The hawkish statement and stance have weakened expectations for future rate cut paths and levels, indicating a reduction in the magnitude and frequency of rate cuts, and there may still be a maintenance of relatively high interest rate levels in the future. This is the core logic of this round of decline, and some of Powell's statements regarding #比特币储备 were just a small catalyst. The significant decline of the three major stock indices from #美股 also clearly shows that the market's core logic is still a reaction to the strengthening of the US dollar.