Bitcoin and Ethereum's rebound remains weak, possibly due to the U.S. third quarter GDP growth exceeding expectations, with the probability of a rate cut by the Federal Reserve in January dropping to 13%!
Last night, the U.S. third quarter actual GDP annualized quarterly rate preliminary value was recorded at 4.3%, far exceeding the expected 3.3%. Economic growth has led to a rebound in the dollar, and after the data was released, the probability of the Federal Reserve maintaining interest rates in January increased to 87%, while the probability of a rate cut decreased to 13%. Cryptocurrency markets weakened again. However, Trump also emphasized the urgent need for a rate cut and stated that the prerequisite for selecting the Federal Reserve Chair is support for rate cuts.
Bitcoin maintained a weak fluctuation during last night's trading, dropping to a low of 86500 in the early morning before rebounding to 88400, but the momentum did not last, and it again returned to oscillate around 87500. Technically, the daily chart price remains under pressure, with the Bollinger Bands flat and short-term moving averages also flat, indicating insufficient momentum temporarily. The four-hour MACD shows a bearish contraction, and the RSI remains near oversold levels. The hourly Bollinger Bands are narrowing, with moving averages intertwined and flat, indicating a narrowing short-term price range. It is expected to continue weakly fluctuating with little volatility during the day. Key resistance above is at the four-hour mid-band 88400 and the daily mid-band 89500. Key support below is the early morning low of 86500 and the daily lower band at 85300.
Ethereum is also weakly fluctuating. After dipping to the 2900 level in the early morning, it rose but faced pressure at the 3000 level and retreated, currently oscillating around 2960. The mid-band resistance at 3050 on the daily chart remains a key area to watch, of course, the 3000 level is also important as it is a conversion zone that will be tested repeatedly. As for the short-term support below, pay attention to the 2900 area, which will be tested during weak fluctuations; if the amplitude is large, it may continue to test the 2850-2800 area, which is also a key defensive area for intraday pullbacks.
BTC short-term
Support: 86500, 85300
Resistance: 88400, 89500
ETH short-term
Support: 2900, 2850
Resistance: 3000, 3050
As Christmas approaches, market trading may become lighter with little volatility, pay attention to the evening initial unemployment claims data.