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The three major US stock indices closed mixed, with the Dow up 1.34%, the Nasdaq down 0.25%, and the S&P 500 up 0.21%. Most large tech stocks declined, and the cryptocurrency sector also fell. According to CME "Fed Watch": the probability of the Federal Reserve cutting interest rates by 25 basis points in January next year is 24.4%, with a 75.6% chance of holding rates steady. The probability of a total 25 basis point cut by March next year is 40.4%, with a 52% chance of no change, and a 7.6% chance of a 50 basis point cut. The crypto market ended yesterday’s correction and launched a fierce attack in the early hours, with the futures market overwhelmingly short. December is also the end of the year, and after all the good news has been priced in, it’s important to stay alert to risks, remain rational, and be cautious. On the 19th, there is also a rate hike news, and at the end of the month, the Christmas fund replenishment effect will come into play, so caution is justified! Follow Yibo for continuous updates on the implementation of Fed policies, institutional fund flows, on-chain data changes, and other key signals, with real-time updates on layout strategies and target assets.

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Bitcoin reached a recent high in the early hours yesterday, touching the 94435 level. After that, the bullish momentum could not be sustained, and the market quickly entered a pullback mode. During the early trading session, selling pressure gradually eased, with the price dipping to around 89329. The entire midday period then saw the price fluctuate narrowly around the 90,000 level, with bulls and bears engaging in initial battles within this range. In the evening, market sentiment experienced a brief fluctuation, with the price briefly spiking to around 89200, but this low was not sustained, and a quick rebound followed, reaching a high of about 93500. However, the rebound momentum was limited, and the price soon resumed its decline. From a short-term trend perspective, Bitcoin is clearly in a weak oscillation state, with previous gains gradually being retraced. Notably, the key support at 89000 has not been broken, providing an important bottom support and indicating that the current consolidation pattern is unlikely to change fundamentally in the short term. From the daily chart perspective, Bitcoin is trading around the midline, entering a consolidation phase, with the midline support remaining intact, further confirming the short-term sideways trend. For investors, the 90,000 level has become the core battleground for bulls and bears. Resistance should be watched around 93500-94200, while support must be maintained at 89000. A breakout or breakdown of this range could signal a new directional move.

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Ethereum also reached a recent high of 3446 in the early hours yesterday. Following the overall market correction, the price began to gradually decline. By midday, Ethereum dipped to around 3165, then traded sideways around 3200. During the evening, market sentiment fluctuated sharply, with the price briefly dropping to 3143, which became a short-term key turning point. The market then quickly rebounded, reaching a high of about 3271, but subsequently declined again, returning to a sideways range. From a short-term momentum perspective, Ethereum’s bearish force currently holds the advantage, with the price continuing to decline. However, after approaching key support levels, the market responded with quick rebounds. The current narrow fluctuation around support can be seen as a pre-rebound buildup phase—after a correction that releases risk, the market needs time to accumulate bullish momentum, and the sideways consolidation is a process of rebalancing between bulls and bears, with bulls gradually gathering strength. Investors should focus on the 3200 level, with resistance around 3280-3320, and support at 3120-3150. If the price can stay above support levels steadily, further rebound momentum is likely to be released.