#美联储启动新一轮降息周期 Bitcoin has just broken through the $94,000 mark, with a 24-hour increase of 2.6%, what is driving this wave?

**The State of the Market: Expectations Are Dominating Everything**

The most direct reason is expectation. The Fed will meet early tomorrow morning to set interest rates, and according to current market data, 97% of trading participants believe that the rate cut (25 basis points) is basically locked in. Since it has become a consensus that "liquidity should increase", it is better to lay out in advance. $BTC as an asset that is highly sensitive to interest rates, it has naturally become the first choice for betting. This is a typical "news rush" behavior - pricing has already begun without waiting for the official announcement.

**Why is the increase so fierce? The bears are hunted**

Another driver of the rapid rise is the liquidation effect. Yesterday, the cumulative liquidation scale of the whole network reached 430 million US dollars, most of which came from forced liquidation of short positions. This "short squeeze" situation will further accelerate the price upward because short stop-loss orders are constantly triggered, and the selling force is converted into a boost. This positive feedback loop in the cryptocurrency market can often create considerable gains in the short term.

**Risk Warning at a Critical Time**

But here we need to be wary of a classic trap - "all the good is bad". If the Fed does announce a rate cut tomorrow, it seems that bad news has landed, but the problem is that this expectation has already been fully digested by the market. At this time, the enthusiasm for buying may cool sharply, and even profit-taking may occur. There is no shortage of such cases in history: the strongest bullish expectations have become the biggest adjustments after being realized.

$ETH and other mainstream assets such as $BNB are also facing this logic, and the entire market is waiting for the outcome of this moment.

**Short-Term Strategy Advice**

The next 48 hours are the observation period. Either "adding fuel to the fire" continues to rise, or "good cash in and pullback" - both scripts have probabilities. The key is not to be shocked by large fluctuations in this high-risk news vacuum. Wait for the boots to land, see the real reaction of the market before adjusting your position, which is wiser than blindly chasing higher.

In a word: the probability of a sharp decline is low, but don't forget to set a stop loss while being optimistic.