Since the speech by Williams on the Friday of the week before last, investor sentiment has begun to warm up, which again proves that the Federal Reserve's monetary management is the main narrative in the current market. As long as the expectations for a rate cut in December are not broken and the dot plot does not show significant hawkishness, the market will naturally maintain a relatively optimistic range. In fact, this also indicates that under the premise of no systemic risk in the macro environment, the core concern of investors is no longer the data itself, but whether the Federal Reserve is willing to hinder inflation by triggering an economic downturn. The reason why Williams' speech was able to immediately stabilize the market is not because the content is particularly dovish, but because it sent a very clear signal that the Federal Reserve has realized that the tightening of financial conditions has exceeded expectations and needs to communicate to avoid unnecessary market deleveraging. In the current window period of slowing growth but not recession, and inflation declining but not bottoming out, changes in policy stance will be magnified by the market into a trend direction. Bitcoin rebounded to around 94300-95500 to short, and then if it breaks below 91700, it could be seen around 90700 #加密市场观察