Is the interest rate cut logic invalid? BTC is repeatedly negotiating in the range of $81,000 to $89,000.

[Block Rhythm] The recent market situation is quite interesting - the traditional “rate cuts lead to a bull run” tactic seems to not work as well anymore.

The Federal Reserve has indeed cut interest rates multiple times this year, and the dot plot also suggests a continued easing, but this situation becomes awkward when encountering the variables of American politics. The political winds constrain the independence of monetary policy, leading the entire market to lack a certain expectation regarding interest rate trends, and the repair of risk appetite has also been blocked. As a result, different assets are behaving independently—gold bulls are becoming increasingly determined, U.S. stocks are rotating between sectors, high-valuation tech stocks are still under pressure, and Bitcoin has also been dragged into the quagmire of “block range fluctuations.”

According to on-chain data, BTC has been repeatedly fluctuating in a narrow corridor between $81,000 and $89,000. There are buyers stabilizing below, while around $90,000 there is a wall of selling. Looking at other details is even more interesting—spot ETF funds are quietly withdrawing, futures open interest is shrinking, and the funding rate is basically unresponsive. Over in the options market, there are quite a few protective put positions accumulated at $84,000.

What do these signals reveal? The market is not in a panic, but it indeed lacks new momentum. It's just a waiting state.