The Federal Reserve cut interest rates by 25 basis points, below market expectations. This month, it initiated a $40 billion purchase of U.S. Treasuries to expand the balance sheet, leading to a short-term rebound in cryptocurrency prices due to unexpected liquidity injection, but Powell emphasized that interest rates remain high and there is no preset path for policy, causing a decline in cryptocurrency prices.

In the 4-hour chart, there are more bullish candles than bearish ones, and there is certain support at the lower bound. The decline is due to digestion of news rather than a trend reversal. It is recommended to focus on buying low.

Bitcoin: 89300-89800 long, looking at 91000-92000.