The real trading of BTC tonight may not be determined by the Federal Reserve's interest rate, but by which side's liquidity is withdrawn first. At present, BTC has rebounded to around $64400, but the price falls within the intersection of moving averages and chip intensive areas. This is more like returning to the cost center of the market, rather than having already resumed an upward trend. The current structure has two clear boundaries: -Above $65640: The upper edge of the chip value zone. If you regain stability, you will have a chance to test $67000; -Below $63899: Chip POC, is the long short boundary of the current intensive trading area. If it falls below, the following will pay attention again to $62500 to $62000. The problem now is that prices have rebounded, but funding indicators have not synchronously strengthened: -Coinbase BTC still maintains a negative premium; -Short term active funds are converted into net outflows; -The overall position difference is negative. That is to say, the current rebound lacks sustained funding confirmation. In addition, the changes in the market opening are also worth noting: -$67000: The main spot player has been suspending sell orders worth over $5 million -$62010: The main force of the contract frequently suspends orders exceeding $13.01 million; -$61300: Continuous spot buy bet worth $77.7 million. On the surface, it may seem like 'selling the wall above to withdraw, buying the wall below to defend', but hanging an order is not a transaction, let alone a definitive support. What really matters is whether the order is executed or withdrawn early when the price approaches these positions. The Fed's interest rate decision at 2:00 am tonight may amplify the fragility of this structure, which can be closely monitored ： -If BTC stabilizes at $65640 and actively funds turn positive, with synchronous growth in holdings and rebound, it will be considered confirmed as having funds. Then pay attention to $66920 to $67000. -If it falls below $63899 and the negative indicator continues to expand, it may test $62500 and below; If the purchase of the wall is withdrawn before the price is reached, the liquidity gap below will redirect to $60325. PS: The Federal Reserve is highly likely to keep interest rates unchanged, with a focus on Walsh's speech (eagle or dove)~