Early morning on December 11th, the dust has settled—The Federal Reserve cuts interest rates by 25 basis points again, bringing the federal funds rate down to the 3.5%-3.75% range. This is already the third cut this year, clearly signaling an easing stance.

Honestly, the market has already digested this news thoroughly. So how did Bitcoin react? Quite calmly. The price hovers above $92,000, with no signs of a sharp surge. However, Powell’s comments—hinting that they may continue buying government bonds to maintain liquidity—briefly pushed the market up, but it was quickly pushed back down. Bulls and bears are still wrestling.

The most tangible impact of this rate cut? Liquidity. Borrowing becomes cheaper, the dollar may weaken, and risk assets become more attractive. For Bitcoin, the selling pressure caused by high interest rates has finally eased, and the year-end "Christmas rally" now has some room for imagination.

But to be fair, don’t get too excited too early. The Fed’s internal stance on the pace of rate cuts is not yet unified, and future policies will still depend on data, so uncertainty remains high. The key now is whether the $90,000 level can hold—if it does, there might be a steady climb; if not, a re-accumulation may be necessary.

In summary, there are positive signals, but the word "gentle" must be remembered.