Bitcoin and Ethereum prices have fallen again. Although the macro environment is favorable, it is difficult to prevent panic selling. Can the Federal Reserve's interest rate decision next week bring confidence to the bulls?

Last night's U.S. PCE data unexpectedly fell short of expectations, and its "surprise drop" indicates an increased risk of a slowdown in the U.S. economy, which has strengthened market expectations for a rate cut by the Federal Reserve in December. Theoretically, this is favorable for risk assets. However, the disappointing short-term data has not provided a boost, and concerns about changes in the Federal Reserve chair candidates and cautious rate cut statements from Hasset have increased uncertainty, triggering panic selling and a significant drop in the cryptocurrency market.


From a technical perspective, the long-term trend of Bitcoin remains weak, as the weekly chart's moving average death cross continues to indicate that the medium-term adjustment risk has not dissipated. The recent rebound on the daily chart has encountered resistance at the upper Bollinger Band, leading to a correction. This correction, combined with panic selling and technical repairs, has amplified the downward momentum. Currently, Bitcoin and Ethereum prices are once again in a sensitive zone, and after the decline, there will be a correction over the weekend. The short-term resistance for Bitcoin is at 90000 (previous support has turned into resistance) and 92000, while the support below is at 88000 and 86500. Ethereum is linked to Bitcoin, testing the support strength at the 3000 level again, with short-term resistance at 3100～3230 and short-term support at 2980 and 2900.


In the short term, Bitcoin and Ethereum are influenced by the macro Federal Reserve decision. Although the rising expectations for a potential rate cut provide support, whether there will be any changes in the actual situation still depends on next week's interest rate decision. #比特币走势分析 #美联储降息