Today, Bitcoin has been quite volatile—rising rapidly to 94,554 USD in the morning, leading many to think it's about to take off, only to drop back down to around 91,900. Fortunately, it started to recover in the afternoon, climbing back to 92,708 USD in the evening, ending the day with a marginal gain of 2.28%. The key points now are whether the 92,000 level can hold and if the 94,000-95,000 range can be broken through.

Market sentiment is somewhat interesting. Yesterday, ten spot Bitcoin ETFs saw a total net inflow of 3,883 BTC, roughly equivalent to 379 million USD. Institutional players are clearly picking up positions on dips, providing some support to the market.

The bigger uncertainty lies with the Federal Reserve. The probability of a 25 basis points interest rate cut in December has surged to 89.6%. The FOMC meeting decision will be announced at 3 a.m. Beijing time tomorrow, followed by a press conference from Powell. This essentially serves as a short-term market indicator, and everyone is waiting for this “drop.”

Institutional attitudes are also adjusting slightly. Standard Chartered recently downgraded its forecast, changing the target price for the end of 2026 from a higher level to 150,000 USD. Although expectations have been lowered, the long-term bullish logic remains— they still believe ETF inflows will continue to support the market.

However, current operations are quite uncertain. The market is cautious ahead of the decision, and volatility could increase at any moment. Over the past 24 hours, more than 110,000 traders have been liquidated across the entire network, with nearly 3 billion RMB wiped out. A market where both longs and shorts get caught on the wrong side tends to be the most treacherous, so it’s recommended to set strict stop-losses and avoid risking all capital in one move.