QCP: Limited returns on chasing momentum at current levels before Bitcoin's daily closing price exceeds $100000

According to BlockBeats, on May 8th, QCP released a daily market observation stating that as expected, last night's FOMC meeting did not bring too many surprises. The Federal Reserve maintains the federal funds rate unchanged and reiterates its consistent statement that the US economy is resilient, the labor market is tight, and inflation remains slightly above its target of 2%. Despite President Trump's proposed tariff plan reigniting trade tensions and bringing new uncertainty to the US economic outlook, Federal Reserve Chairman Powell remains cautious and calm. He reiterated that the cost of patiently waiting is quite low, indicating that there is no need to rush to cut interest rates. Importantly, Powell did not commit to a possible number of interest rate cuts this year, but instead postponed this guidance to the FOMC meeting in June. However, the market did not wait. The current pricing reflects the expectation of three 25 basis point interest rate cuts each in July, September, and December. President Trump sparked a wave of risk appetite this morning by announcing a major trade agreement, with market speculation that the UK may be a trading partner. Although the announcement lacks details, this prospect alone is enough to trigger price fluctuations in various assets. Cryptocurrency assets quickly responded positively. Bitcoin rose 2.74% and decisively regained the psychological barrier of $99000. Meanwhile, Ethereum surged 6.89% during the Asian session, breaking through the consolidation range of $1700 to $1900 over the past three weeks. At the options trading counter, there has been a noticeable increase in demand for call options, especially those expiring in May and June. This capital flow indicates that with the improvement of the macro environment, traders' optimism for further increases is increasing. Entering tonight's opening of the US market, all eyes will be focused on whether this rebound can continue or whether there will be a typical "buy rumors, sell news" pullback risk once trading partners officially confirm. At present, we maintain tactical caution. Before the daily closing price of Bitcoin breaks through $100000, we believe that chasing momentum at the current level has limited returns.