With hawkish-leaning expectations suppressed by the rate cuts being delayed, the overall market has entered a choppy consolidation and digestion phase. For BTC, on the 4-hour chart, it is trading in a narrow range, supported by the midline at 65,620. Bulls do not dare to actively push higher; sell pressure remains persistent as macro-negative factors continue. Likewise, ETH is also under pressure and trades below the 1,800 level, with funds seeing a slight outflow. Rebound follow-through is relatively weak, but the upward structure on the larger timeframe has not been broken. This round of pullback is only a short-term sentiment correction brought on by macro expectations. In the medium to long term, funds still remain optimistic about the outlook and the space for recovery.

In the short-term rhythm, macro-negative news is the main constraint, and price action is mainly characterized by range-bound consolidation. With overhead resistance, rebounds are likely to face pressure and then fall back. In the short term, it’s suitable to sell/short on rebound highs from above the range. For the medium to long term, the logic doesn’t change: the rate cut is only postponed rather than canceled. A high-interest-rate environment will eventually shift toward easing. On a larger scale, the bullish “stay long” mindset remains unchanged—every time price retraces to retest support is a chance to buy the dip and lay out positions.

**Trading recommendation:** Don’t chase longs in the short term. If rebounds approach resistance, take a light position to look for a pullback. After the price retraces to the core support and the negative news has been fully digested, scale in batch by batch for long positions, and avoid the risk of short-term macro volatility.