#比特币行情观察 The market, after experiencing the excitement of "interest rate cut expectations trading," has entered a "positive news digestion phase." The triple support composed of macro easing, institutional funds, and Ethereum fundamentals remains unshaken. The current oscillation and correction are more akin to technical profit-taking and clearing of short-term positions. Market volatility now reflects the emotional digestion and chip exchange following the Federal Reserve’s policy meeting, rather than a trend reversal.

Key points to watch:
The guidance on the interest rate cut path in the Federal Reserve’s December policy statement is of utmost importance. Any statement that is more dovish than market expectations (implying a faster rate cut) or more hawkish (emphasizing prolonged restrictive measures) will trigger significant volatility; Powell’s tone in his speech, his confidence in controlled inflation, and his outlook on the economic prospects will set the tone for the market’s long-term liquidity expectations. Follow-up attention should be on the effectiveness of the Bitcoin support zone at 90,000-91,000 and Ethereum stabilizing at 3,200-3,250. Holding steady could lead to a resurgence of upward momentum, with potential targets around Bitcoin 94,000-95,000 and Ethereum 3,400-3,500 resistance levels. Upcoming U.S. inflation data such as CPI and PPI will directly influence market expectations for the next Fed rate cut and could serve as new catalysts for volatility. In the short term, market sentiment may lean towards consolidation, so caution is advised regarding further pullbacks caused by leverage liquidations or negative interpretations. Investors are recommended to reduce short-term trading frequency and focus on key support/resistance zones as main reference points.
After the Federal Reserve rate announcement at 3 a.m., Bitcoin's price quickly spiked near 94,442 before continuing to oscillate within the previous range. This morning, the price began to retreat and broke below the oscillation zone. Technically, the yesterday’s 91,500-93,200 range was broken, turning this support zone into short-term resistance. Currently, the price remains above 91,000 but lacks strong momentum, and volume shows no signs of supporting a rally. The trend is a typical "bullish signals exhausted, technical breakdown." After the significant positive news of a Fed rate cut, the market lacks new catalysts and buying power, leading to a breach of the recent key oscillation zone. The short-term structure has weakened, with the 93,000-94,000 zone now a key resistance area, followed by 94,500-95,000. This zone is the 61.8% Fibonacci retracement level and a critical resistance validated multiple times recently. Short-term support is at 90,500-90,000, with the next support at 88,900-89,500.