Recently, a major piece of news has emerged in the market: the Federal Reserve is reportedly discussing an annual balance sheet expansion plan, with a potential scale of up to $400 billion. What does this mean? A large amount of US dollars will be released into the market, and an increase in money supply typically dilutes the purchasing power of the dollar. In this context, Bitcoin’s scarcity as “digital gold” is often re-evaluated.

But here’s the question—BTC’s price is currently consolidating around $91,000, without the anticipated surge. Is this a period of accumulation before a breakout, or is it a more complex capital game at play?

From a news perspective, this level of monetary policy adjustment won’t be immediately reflected in the price. Historically, every major macro bullish factor has taken time to be absorbed; the market needs to wait for policy details to become clear and to observe the actual flow of funds. Another possibility is that major players are waiting for retail sentiment to cool down before making a move.

Technical signals are even more noteworthy: on the hourly chart, BTC faces clear resistance above 92,240, while the MACD has formed a bearish crossover below the zero line, indicating weak short-term momentum. The current price may oscillate repeatedly between 89,626 and 91,325; this kind of range-bound consolidation is often used to shake out weak hands. The real key support is near 89,000—if it breaks, a deeper correction could follow; conversely, if it holds and breaks above 92,240, it would open up further upside.

With both macro bullish factors and technical pressures present, the next move will depend on which force proves stronger.