The analysis discusses Bitcoin's recent performance and momentum. The analyst highlights a euphoric market energy, driven in part by meme coins, but also urges caution due to potential risk aversion ahead of the FOMC meeting and interest rate decision. The analyst shows that it's clear that the interest rate is going to go down by 25 base points. The analyst notes a Coinbase Bitcoin premium suggesting buying pressure from US investors. He points out holding the single print imbalance from a low volume move as a positive sign and observes imbalances during the Asian session. The analyst anticipates continuation, with a worst-case scenario of pulling back to 113500 but expects a move to 118000-119000 which it's the main resistance level.