Bitcoin has broken through $92,000! In the past 24 hours, the crypto market has gone wild, with both major and altcoins surging across the board—this rebound is really strong.

To be honest, the main driving force behind this rally is still the Federal Reserve. With the interest rate decision coming up this week, the market has priced in a 95% probability of a 25 basis point rate cut—almost a sure thing. Once the rate cut is in place, expectations of easing liquidity will naturally prompt funds to position themselves in advance; smart money always moves ahead of the news.

What's even more noteworthy is the behavior of institutions. Last week, a large institution quietly accumulated 10,000 BTC and put up $1.2 billion for risk hedging. This strategy of continuing to buy at high levels while preparing for protection in advance, to some extent, reflects long-term capital's confidence in the market outlook—at the very least, they're not panicking.

Looking at the futures market: open interest has surged to a new high of $129.9 billion, and in the past 24 hours, over $300 million in short positions have been liquidated, with the bulls in full control.

However, a note of caution—this wave looks more like speculation driven by policy expectations, not a real improvement in fundamentals. If the Fed's statements turn out to be less dovish than the market expects, a short-term correction could happen at any time. So don't blindly chase the highs; sentiment-driven rallies often come fast and go just as quickly. Stay clear-headed and manage your position sizes—that's the right approach to navigate through volatility.