The honest picture for $BTC after a brutal Fed day:

The bear case: rate cuts are dead, hikes are on the table, ETFs are bleeding, price lost $65K.

The bull case: whales accumulated to a 3-month high, the Iran war is over, fear is near cycle lows, $63K still holds.

Both are true. The macro got harder; the structure got stronger.

This is where conviction is tested, not where cycles end. Size accordingly.