There used to be a pattern: whenever the Federal Reserve turned hawkish, $BTC would basically take a hit first. This time, however, it's a bit different. The expectation of rate hikes remains, and U.S. Treasury yields stay high. Although BTC pulled back after surging near 87,000, it didn't experience a freefall. The market's resilience, I think, mainly comes down to a change in the capital structure. Previously, more chips in the market were held by leveraged players, so even a slight disturbance could trigger a chain of liquidations. Now, ETFs continuously absorb spot holdings, and corporate funds are also allocating more in. This portion of capital has a longer-term view and won't rush out just because of a single interest rate announcement. Another obvious point is that many people now regard BTC as a long-term allocation again, rather than merely a tool for chasing rallies and selling off. Global debt is increasing, the purchasing power of fiat currencies remains an issue, and the fixed total supply aspect is being emphasized again. High interest rates are still a pressure, with U.S. Treasury yields standing firm, so opportunity costs won't disappear. But now it feels more like interest rates determine the speed of the rise, rather than a rate hike announcement alone being able to crash the market outright.

On September 23, the total cryptocurrency market cap intraday rose back above $3 trillion, with a single-day increase of about 4.3%. $BTC returned near 86,000, $ETH reached $2,745, and major coins like $SOL, XRP, and DOGE all rose more than 6%, with funds beginning to spread from BTC to other sectors. ETF funds also saw changes: BTC spot ETF net inflows reached nearly $1 billion in a single day, hitting a new high since late October 2025. In contrast, ETH ETF had a net outflow of about $140 million last week, showing that fund choices are not entirely consistent. Altcoins are starting to show signs of relay rotation, and whales are continuously adjusting their positions. ETH saw whale position swaps and staking actions, while ZEC had a whale dormant for 10 months deposit about $15 million to Coinbase. However, the open interest in perpetual contracts has risen to around $160 billion. The hotter the market, the easier it is for leveraged funds to amplify volatility. In this current broad rally environment, the speed of hotspot rotation may significantly accelerate. #BTC冲高$87000，加密总市值重返3万亿

OKX has paid the salary, continuing to buy spot $ETH $ today Lately, I really can feel that the income from OKX is not as much as before, but since I still have this income, I want to slowly convert it into spot. This time it's still ETH, no contracts, and I don't want to mess around because of short-term price fluctuations. The lessons from contracts before have been enough, now I prefer to slow down the pace a bit. Buy a little when the salary arrives, the amount doesn't need to be too big, accumulate slowly. Don't chase when the market is good, don't panic during pullbacks, at least spot doesn't require watching the liquidation line every day.

After $ETH climbed back above $2700, the market sentiment definitely feels different. Currently, the price is around $2737, with an intraday low of $2721.29, and it has since held above $2700. Previously, if this level was only briefly pulled back to, it didn't carry much significance, but now the price hasn't fallen back below $2700, indicating that short-term funds are still supporting this level. Looking upward, there has already been resistance near $2780; today's high reached $2786.22, showing that this area isn't easy to break through. If there is another attempt to push past $2780 and it holds, $ETH's short-term upside could continue to expand; if it rallies but then quickly falls back, $2700 will once again become a key level in the market. This kind of movement now is better watched around the $2700 and $2780 levels. Oscillating above $2700 with pullbacks that don't break it makes for more comfortable buying opportunities; approaching $2780 with obvious volume but price unable to push higher signals that selling points should be watched closely. The real focus remains on whether $2700 can turn from resistance into support.

$BTC has once again approached around $87,000, with the real-time price at about $86,693. The intraday high has already touched $86,770, just a bit short of the key level. The rhythm of BTC these past two days is quite interesting. The price has pushed up steadily from the intraday low of $85,111 and is now close to $87,000 again. If this level is only briefly surpassed, the significance is actually limited; the key is whether it can hold above $87,000 after the breakout. In the short term, focus can be on support around $86,000. As long as it can hold steady after a pullback, the market’s second attempt at $87,000 will have more reference value; if it quickly falls back after reaching near $87,000, it indicates that the selling pressure above has not yet been fully absorbed. Buying points are not suitable for chasing a rapid surge but are better for waiting for a pullback after breakout confirmation. Selling points depend on whether it can sustain above $87,000; if volume and price do not keep up after a rally, be cautious of a short-term profit-taking wave.

The $1600 mark has now been surpassed by $ZEC. The price has reached around 1619, with an intraday high of 1639 and a low of 1445, showing significant volatility during the session. After continuous rallies, market sentiment has clearly warmed up, but at this level, it is more important to see if the price can truly hold above 1600 rather than just focusing on a single upward move. If support above 1600 can be maintained, 1639 becomes the more obvious resistance area ahead, and only a breakout beyond that would open up further potential. If the attempt to break 1639 fails and the price falls back below 1600, short-term traders should watch for pullbacks caused by profit-taking. Currently, it is best to observe two key levels: 1600 for support and 1639 for breakout. If the price can hold near 1600 on a pullback, the trend will be easier to assess; if 1600 is breached, the short-term rhythm will need to be reassessed.

After being silent for so long, $PEPE suddenly reignited the market's Meme sentiment. This time, is it that the funds have returned, or is it just a short-term emotional rally? PEPE has been strengthening continuously over the past two days, with the price pushing from around 0.0000039 all the way above 0.0000053. The intraday high reached 0.000005359, and it is currently still trading near 0.0000052, showing a clear increase in short-term buying pressure. The current position has already reached the high area of this rally, with around 0.00000535 being a noticeable resistance level. If it can break through with volume and hold steady, the strong structure still has room to continue; however, if volume decreases after the peak and the price falls back below 0.000005, watch out for profit-taking.

$DOGE's surge today is indeed quite fierce The current price has reached 0.1038, with a 24-hour increase of 18.14%. During the session, it surged from 0.08785 all the way up to 0.10549, basically opening up the entire volatility range for today. With DOGE's trend like this, once funds concentrate in, the price elasticity is really large. From the chart, the lows keep rising, and the price has climbed back above 0.10, showing clearly strong short-term sentiment. Now around 0.105 is already today's high region; whether it can continue to break through with volume here will directly affect the subsequent rhythm. Interestingly, the increase is close to 20%, but the price hasn't shown obvious weakness yet. If it can hold steady near 0.10 on a pullback, it means the previous breakout hasn't been fully realized and funds are still supporting; if it quickly falls back below 0.10 after a spike, short-term sentiment is likely to cool down. DOGE is currently in a strong market, but strong doesn't mean blindly chasing. Just keep an eye on the changes around 0.10 and 0.105.

$CL This pullback is starting to show a different rhythm. The current price is around $94, with a 24-hour decline of about 2.4%. Intraday, it has dropped from around $97.7 down to about $93.6, with the earlier surge clearly retraced. In the short term, watch if the $94 level can hold. If it repeatedly supports here, it indicates there is still capital buying below; if it can't hold this level, the possibility of seeking support near $93 will increase. There is obvious resistance around $97. To turn bullish again, it must first reclaim this level. This kind of movement is not suitable for interpreting a single rebound candlestick as a reversal; first, observe the strength of support around $94.

$BTC's rebound this time is indeed strong, with the price already near $84,000, a 24-hour increase of 4.71%. The intraday low once hit $80,246, then quickly pulled back to around $84,000. From the market perspective, this time it didn't grind up slowly but quickly reclaimed lost ground from around $80,000. Short-term funds have clearly become active again. Previously, market sentiment was cautious; once the price dropped, people immediately worried about further breakdowns. Now, instead, there is a growing chasing-the-rally sentiment. The area around $80,000 remains quite important, as today's low was exactly $80,246. As long as the price continues to stay above $80,000, the structure of this rebound is not yet broken. On the upside, the focus is first on whether the $84,000 level can hold steadily. If it can continue to push higher highs, market sentiment will further heat up. However, after continuous rises, one cannot completely ignore pullbacks. The biggest short-term risk is a too rapid surge, followed by quick fluctuations as funds take profits.