After a 20% decline in November, it has been fluctuating within the range of 845-921 Although it broke through the suppression of daily line 945, it was still dampened by Trump's tariff. Currently, tariffs on Europe and Canada may come to an end. Bitcoin macro analysis There will be no interest rate cut in January, as expected by the market. Even if Trump announces the new chairman of the Federal Reserve at the interest meeting tomorrow, it will only fulfill the possible hawkish remarks of Old Bao. Next time, we'll see if there's a possibility of a rate cut in March Then the interest rates in Japan, which the market had already anticipated in December, did not have such a significant impact. Speaking of the government shutdown on the 31st, even if it does happen, compared to October last year, the shutdown is only partial and the impact is not as significant. The impact on the market is limited. The market sentiment on the news side is still relatively quiet, and the trading volume of BTC on Coinbase is also very low. The supply (sale) and demand (purchase) of emotional stimuli are also relatively stable. Overall, none of the above mentioned factors are sufficient to trigger an amplification of panic and cause the panic of on chain holdings to break through the range of 80-845 Of course, due to the low liquidity, there is a possibility of price probing. However, in terms of liquidity, it is better now than last year. Moreover, BTC is a macro liquidity sensitive asset. At present, the concentrated accumulation range 845-921 on the chain is still oscillating more. As long as we continue to maintain support within this range, there is still a possibility of a rebound Just how high it is depends on whether there is sustained news to stimulate financial sentiment. And for now, keep going