Recently, the movement of Bitcoin and Ethereum has been strangely calm, with low-volume oscillations underneath, seemingly accumulating strength for a major market move.

Looking at the macro perspective, the Federal Reserve's December meeting minutes revealed quite a bit. Most officials agree that as long as inflation continues to decline, rate cuts are logical. However, there are differing opinions on how and when to cut. The minutes indicate that the January policy meeting is likely to hold steady. The market's expectation for maintaining interest rates in January has stabilized at 85%. Notably, the Federal Reserve has initiated a short-term Treasury bond purchase program, which will continue to inject liquidity over the next 12 months. This is a direct positive for the crypto market and could serve as a strong support for subsequent price movements.

In the market, Bitcoin has been bouncing back yesterday, reaching around 89,400 in the evening, but then fell back in the early hours. The daily Bollinger Bands have flattened, with the upper and lower bands squeezed tightly, fluctuating between 90,000 and 86,500. The four-hour moving averages are also flat and intertwined, confirming that this is a consolidation pattern.

Ethereum is following Bitcoin's lead, rebounding to around 3,010 before being suppressed, now oscillating between 2,900 and 3,000. The Bollinger Bands and moving averages are almost identical to Bitcoin's. Overall, market enthusiasm remains low, with trading volume continuously shrinking as everyone waits for an opportunity.