This time, everything has finally settled! The Federal Reserve cut interest rates by 25 basis points as expected last night, which was completely within the forecast. The market movement also followed the script—initial surge upon the news, followed by a correction.

Bitcoin was quite cooperative; right after Powell's speech, it soared to $94,000. But what happened next? It quickly slipped back to around $90,000. What does this reaction indicate? The market had already digested this expectation thoroughly, and no waves could be stirred.

Looking ahead, don’t expect the Fed to keep pumping liquidity. The dot plot shows that in 2026 and 2027, at most, one rate cut each year—this pace is as slow as squeezing toothpaste. Even more troublesome, there is no consensus within the Fed—some are worried about rising inflation, others are anxious about employment data. Powell himself also stated cautiously that future rate cuts will depend on economic data, especially employment market performance. Goldman Sachs analysts put it more clearly: the so-called "preemptive rate cuts" are over. Want to cut again? Only if labor data continues to weaken.

So everyone, don’t get overly excited at the news of rate cuts. A true bull market requires sustained liquidity infusion. With this small-scale, tinkering pace, where will the additional capital come from? Just look at market sentiment—retail investors are rushing to buy gold and silver, clearly afraid of being trapped, and institutional funds are also shrinking where they can.

My simple judgment: stay calm! Currently, Bitcoin is digesting within a range; fluctuations up and down are normal. You can try to buy the dip, but be sure to do it in batches, and be mentally prepared for it to continue sideways or even to dip sharply again. Those who leverage heavily and gamble everything to turn things around are likely to be the next liquidation targets.

In one sentence: good news will be fully priced in once it lands. The real directional opportunities will come after the next batch of key data is released. Until then, observe more and operate less—control your hands.