#鲍威尔发言# The underlying logic of BTC: funds and emotions dominate the next phase of the Federal Reserve meeting. After the market's short-term uncertainty is temporarily lifted, BTC's trend has not exploded as a result. The reason is: short-term funds are still in wait-and-see mode: geopolitical risks have replaced interest rate policies as the core variable influencing short-term fund behavior. Chip distribution shows divergence: strong support below, but increasing pressure above, indicating that the market still lacks consensus on "breaking the previous high." The liquidity environment remains unchanged: the Federal Reserve has not tightened, and global liquidity is still abundant, which is the basis for BTC's long-term bullish outlook.