BTC: In the process of oscillating recovery, the Fed's decision is crucial.

BTC has seen two consecutive days of high volatility on the daily chart, closing with bearish candles, indicating a cautious market sentiment. The rebound strength is insufficient, and there is a lack of incremental capital support, leading the market into a phase of fluctuating corrections.

The short-term moving average (MA7) maintains a bullish alignment, and the K-line is currently above MA7, indicating that the short-term upward trend has not changed. However, the medium-term moving averages (MA30/90) are flat, creating pressure for the recent upward movement.

The trading volume continues to decrease, and the market buying momentum is clearly weakening, with a strong sentiment of capital waiting and observing. The MACD histogram is gradually expanding positively, but it is still below the 0 axis and diverging upwards, indicating a weak rebound golden cross.

At 2 AM tonight, the Fed will announce its interest rate decision, and the market generally believes that a 25 basis point rate cut has become a foregone conclusion.

In the context of favorable liquidity macro background, if the market can increase in volume and regain the level of 115,000 USD, then the recent adjustment is a technical repair, as well as a washout before the rise, and it is expected to challenge the resistance range of 121,000 - 125,000 USD again.

In intraday operations, pay close attention to the bullish opportunities at the support levels of 112,500 - 111,500 USD below, and watch for resistance levels of 114,500 - 115,500 USD above.