Recently, Bitcoin has experienced a significant decline, and the market is once again filled with bearish sentiment. However, the real test of this drop is still ahead — the Federal Reserve currently has no plans to cut interest rates, which means that before the meeting takes place, the price of cryptocurrencies may continue to weaken.

From a technical perspective, Bitcoin's current downward pressure is quite evident. The levels at 9.07 and 9.16 are short-term key resistance points. If the price rebounds to these levels, it presents a good shorting opportunity. For traders who haven't established long-term short positions before, this is a chance.

For those who entered short positions around 9.8万, consider taking some profits when Bitcoin falls back to the support zone of 8.7 to 8.8万. The remaining positions can be held, waiting for the outcome of the Federal Reserve's interest rate decision.

Honestly, the impact of the Federal Reserve's decision on the price of cryptocurrencies is something we've discussed repeatedly over the past few weeks — no rate cut means the market will react in advance as the meeting approaches. I previously predicted that I would set up short positions about two weeks before the meeting, which would be around January 14th. Coincidentally, Bitcoin's price on that day was exactly around 9.8万, precise to the last digit. This timing insight comes from a deep understanding of the Federal Reserve's policy cycle.