After the Federal Reserve cut interest rates, the cryptocurrency market experienced a roller coaster: first a surge, followed by a rapid decline. Bitcoin fell below 90,000, and Ethereum dropped below 3,200, completely giving back Tuesday's gains.

Main reasons for the decline:

1. Technical resistance remains unbroken - Bitcoin faced resistance and retreated at 94,000 (daily upper band), and Ethereum at 3,400 (daily MA60) multiple times;

2. After the favorable interest rate cut, institutions sold off to take profits, increasing selling pressure.

Current technical signals:

· 4-hour MACD has turned bearish with increased volume, RSI is in the oversold zone;

· Short-term sentiment is slightly stable, hourly MACD is beginning to decrease in volume, signs of support in the oversold zone, and a rebound may occur in the afternoon European session.

Key levels:

· Bitcoin: support at 89,000-90,000, if broken, look for 86,000-88,000; resistance at 91,700, 92,500.

· Ethereum: support at 3,100-3,150, if broken, it will test 3,000; resistance at 3,250, 3,300.

Follow-up attention:

Tonight's initial jobless claims data in the U.S. may cause short-term fluctuations (poor data favors a rebound, good data may lead to further declines). The benefits of the interest rate cut have been fully realized; even if a rebound occurs, the expected strength is limited, and the overall market is likely to trend sideways or decline again. #加密市场反弹