$BTC pulled back after hitting strong resistance at $75,000 and is now oscillating around $71,000. Last night's Federal Reserve decision became the "terminator" of this rally. What is the market actually afraid of?

1️⃣ Macro "Late Spring Cold Snap":
Although interest rates remain unchanged at 3.5%-3.75%, the dot plot suggests only one rate cut in 2026. Powell remains highly vigilant about oil price inflation triggered by Middle East conflicts. This "caution" directly caused crypto market cap to evaporate $100 billion in 24 hours.

2️⃣ KOL Opinion Divergence:
Buying-the-dip camp: "The Fear & Greed Index has fallen below 15, entering a historically 'extreme fear' zone. Don't forget the SEC just clarified the 'non-security' classification—this is an epic long-term positive. Every dip is an opportunity to board the train."

Retreat camp: "The Fed's pivot is slower than expected, the AI bubble is deflating, and if BTC breaks below $68,000 support, it may enter a prolonged downturn season."

3️⃣ Risk-Off Logic Shift:
Worth noting is $LINK and $XAUT (tokenized gold). When $ETH shows weakness, the RWA (Real World Assets) sector is attracting capital against the trend. Funds are flowing from "pure speculation" to protocols backed by actual underlying assets.

Summary: Short-term sentiment is dominated by macroeconomics, but the release of regulatory dividends (new SEC/CFTC rules) is reshaping the industry's foundation. $BTC