Market Analysis:

On the morning of January 23, BTC and ETH, the two main cryptocurrencies, experienced narrow fluctuations. Influenced by the Federal Reserve's policy stance and Trump's call for interest rate cuts, market sentiment between bulls and bears has become more balanced, maintaining a range-bound tug-of-war in the short term.

Macroeconomic aspects:

1. According to CME "Federal Reserve Watch" data, the probability of maintaining interest rates unchanged in January is 95%, with only a 15.4% chance of a 25 basis point cut in March. The probability of holding rates steady is 84.1%. The low expectation of rate cuts continues to suppress valuations of risk assets.

2. Trump called for a collective interest rate cut by global central banks and threatened to impose tariffs on non-US manufacturing companies, sparking concerns about the independence of monetary policy. As a result, the US dollar index shifted from gains to declines. Some funds tentatively moved back into alternative assets, but no clear trend has formed.

3. In the past 24 hours, the total liquidation amount across the entire network reached $301 million, with $218 million in long positions liquidated. The number of liquidated traders was 124,000. Compared to the sharp decline on the 21st, the market has cooled significantly. The tug-of-war between bulls and bears has returned to rationality, and leverage cleansing is nearing its end.

Trading Recommendations:

Buy on dips: BTC 88500-89000, ETH 2900-2920, stabilize and build positions

Attempt short positions: BTC 91000+ , ETH 3060+ , with light positions for quick entry and exit.

Special Reminder: After a sharp drop, the market enters a weak oscillation phase. Beware of traps from rebound recoveries!