The past couple of days have been a bit hectic, so I skipped a short-term update. Here's a quick catch-up: Yesterday, the market rebounded from the 4-hour EMA20 (113,400) support level to 116,000, but it faced resistance again and pulled back to around the daily EMA20 (approximately 112,200) before stabilizing. Currently, the price is attempting to reclaim the 1-hour EMA20 (113,000), and the short-term trend remains in a consolidation phase. Now, let me briefly share some thoughts on the short-term outlook. From now until 2:00 AM on the 30th, when the Fed announces the rate cut and Powell speaks at 2:30, the focus will still be on the bullish side. However, since the market has already failed twice to break through 116,000—especially with the second attempt being weaker than the first—if it fails to break through on the third attempt, there’s still a possibility of a pullback to around 113,000. As of now, a 25BP rate cut seems almost certain, with the only variable being whether Powell will announce the end of quantitative tightening (QT) during his speech. If QT is halted, the market will be significantly boosted, and both $BTC and U.S. stocks will gain stronger upward momentum. A clear announcement to stop QT would notably lift market sentiment, and risk assets (including $BTC and U.S. stocks) could see a stronger rally. However, if the rate cut—the biggest catalyst—fails to push past 116,000, it would indicate insufficient bullish momentum. In that case, we can only hope for positive news from the South Korea APEC meeting. Based on the current situation, it’s highly likely that the U.S. and China have reached a temporary agreement. While the agreement may eventually be torn apart and not implemented, as long as there’s a phase of eased tensions, the market is likely to respond positively.