Bitcoin is hovering around the $71000 mark today, as the market is digesting the impact of the Federal Reserve's latest statement. Powell made it clear yesterday that the rise in energy prices has substantially affected the inflation outlook, and "no one knows" how long this impact will last - this statement directly extinguished market expectations of an early interest rate cut in 2026, putting pressure on risk assets collectively, and BTC fell to around $71225 along with the US stock market. From a technical perspective, $70000 has become a key psychological defense line. Previously, the continuous inflow of ETF funds drove BTC to repeatedly reach new highs, but subtle changes in the macro environment are changing the narrative logic. The expected cooling of interest rate cuts means that the tightening of US dollar liquidity may take longer than expected, which poses a short-term pressure on Bitcoin, which is positioned as "digital gold". But structural benefits are still accumulating. The SEC approved Nasdaq's tokenized securities trading test today, marking a significant step in the migration of traditional financial infrastructure to blockchain. Stock on chain, T+0 settlement, and 24/7 trading - these once encrypted native features are being seriously adopted by mainstream exchanges. When Nasdaq starts playing "tokenization", it indicates that institutions' recognition of this technology stack is irreversible. Another noteworthy signal is the upcoming $2.2 billion creditor payout for FTX. After this money enters the market, some of it will flow back to the cryptocurrency ecosystem, providing potential purchasing power for the second half of the year. Historical experience shows that large-scale compensation often accompanies short-term fluctuations, but in the medium to long term, it is an increase in liquidity. Polymarket's acquisition of Brahma also confirms its ambition to predict the market. From election betting to macroeconomic events, decentralized forecasting is becoming an important channel for information discovery. In the short term, BTC may fluctuate and consolidate within the range of $68000-72000, waiting for clearer signals from the Federal Reserve's policy path. But the structural trend remains unchanged: institutional entry, clear regulatory framework, and infrastructure upgrading - these three pillars are still moving forward at a steady pace. For long-term holders, a pullback is actually an opportunity to examine their positions, rather than a reason for panic. Bitcoin BTC Coin Circle Analysis Cryptocurrency