The Federal Reserve did not raise interest rates, but BTC entered the bearish scenario first. The previous tweet left two paths: -Stand firm at $65640, test upwards at $67000; -Fall below $63899, focus downwards on $62500 to $62000. After the FOMC, the market chose the second option. The Federal Reserve voted 9:3 to maintain interest rates at 3.50% to 3.75%. On the surface, there is no action taken, but three committee members advocate raising interest rates by 25bp, and Walsh emphasizes that the 2% inflation target is not flexible. So this is not a dovish pause, it's closer to a hawkish wait-and-see. Returning to the BTC 45 minute structure: The price drew $64600 twice before and after the decision, but did not form an effective breakthrough. It then fell below the POC $63899 emphasized in the previous tweet and is currently running around $63710. More importantly, the price has fallen below all moving averages, forming a short-term pressure zone between $63965 and $64135; But there is one set of data that is most noteworthy: as prices weaken, positions are increasing, indicating the entry of new leveraged positions. Based on the structure of BTC's current price below the moving average, net outflow of active funds, and weak MACD, it is judged that the marginal pricing power is still in the hands of the sellers. Now focus on two positions: one ⃣ $ 63965~$64135: If the price quickly recovers in this area, and at the same time, active funds turn positive and MACD bullish momentum is released, the loss of $63899 can be defined as a false drop below. Looking up at $64600 and $65640. two ⃣ $ 63230: This is the first visible undertaking below. If lost, it may retest the previous low of $62660 and enter the $62500 to $62000 range mentioned in the previous tweet. The large order placed by the main force at $62010 and $61300 has been cancelled again, but based on recent records, it is highly likely that the main force will repurchase at the same position in the future. Last night we observed which side's liquidity withdrew first. Now half of the answer has appeared: $65640 was not recovered, and $63899 was lost first. Next, we need to look at: -If the price continues to decline, are you willing to make a real deal by buying a wall below; -If the price continues to rebound, are active buyers willing to digest the selling pressure.