There was an interesting phenomenon in the Asian session this morning - Bitcoin quietly climbed to around $92,000, but the stock market collectively shrank back.

The reason is not complicated: everyone is waiting for the Fed's action tonight. The market generally expects this to be the last rate cut this year, but what is really nervous is the follow-up statement. If the Fed releases a hawkish signal, it means that liquidity may tighten next year, which is not good news for risk assets.

Asian markets have reacted in advance. Bitcoin edged higher, traditional stock markets watched cautiously, and both sides began to go their separate ways. This divergence is common before the monetary policy shift - the crypto market hedges show up, and safe-haven and speculative funds pour in simultaneously.

In the short term, volatility may be magnified. If the Fed is tougher than expected, it is really hard to say whether the 92,000 position can be maintained. Don't rush to chase high in operation, and it will be more stable to make a judgment after the boots land.

Which direction do you think you will go tonight?