Recently, this wave of market movements combined with macro news has been quite interesting. We need to understand it thoroughly.

**First, from the news perspective, how strong is this current wind?**

The new Federal Reserve voting member has made a statement—if the economy remains stable, there may be further rate cuts before the end of the year. Many people think this is a long-term matter, far from the crypto circle. Actually, that's not the case.

There is an old saying in financial markets: "Buy the rumor, sell the fact." This signal effectively injects a "liquidity may be loose" expectation into global risk assets. It directly weakens the long-term appreciation expectation of the US dollar and creates upward space for non-US assets, including cryptocurrencies. In other words, this is not just news; to some extent, it sets the tone for the entire 2026 market.

Macro summary: The cold snap is easing, and warm signals are emerging. This forms the basis for medium-term support. Comparing this to the liquidity cycle of 2024-2025, such expectation shifts often gradually reflect in asset prices in subsequent developments.

**Next, let's look at the technical side—what do the charts say?**

On the four-hour K-line chart, we need to pay attention to...