The current market sentiment of BTC has gone through a main uptrend of 70000 to 100000 on the K-line trend, fluctuating around 80000, neither high nor low. There is no longer the FOMO emotion of the main rising wave, but rather emotional panic, even very panic. From the macro level, this round of market, because of the election, Trump called for orders to be encrypted, but also because of Trump's tariff, it slowly lost FOMO sentiment. Due to the inflation caused by tariffs, an increase in inflation is not conducive to interest rate cuts. Although reducing balance sheets is beneficial for liquidity, the market is more concerned about tariffs. At the macro level, it is still tightening. From the data on the BTC chain, long-term holders of BTC have once again entered the stage of accumulating chips. Obviously, market funds have become very poor. And next, returning to the main line is still about when to cut interest rates, why to cut interest rates, when to end the balance sheet reduction, and when to expand the balance sheet. If the interest rate cut is due to an impending recession, then the US stock market BTC will find it difficult to stand alone and can only wait for its balance sheet to expand. The true reversal of the market will be when the economy slowly recovers, If the economy is doing well and inflation remains stable through interest rate cuts, the market may have a chance to catch its breath, but this is only a rebound. But the emotions are definitely far from the situation in November and December last year, because even so, it doesn't mean that there won't be further hype about the recession or that the recession is really coming. As Lao Bao said, the path of interest rate reduction needs to focus on the tariff situation of Trump. Then at 4:00 a.m. tomorrow, Trump will announce the tariff policy, Later this week, there will be employment data that is attracting worldwide attention. The current background is like this. Regardless of the announcement of this tariff. Even if it eases, when reflected in BTC, it means a rebound in the market. Even if it rises to 100000, it will still rebound. Due to financial constraints, emotions are far inferior to those of November and December last year This can be considered the best situation.