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On November 29, Bitcoin (BTC) continued its recent rebound, stabilizing around $91,400. In the context of macroeconomic positivity and technical market dynamics, it displayed a fluctuating upward pattern. After a strong rebound on November 26 that broke through the $90,000 mark, the market has entered a tug-of-war phase with key resistance and support under the dual influence of expectations for interest rate cuts from the Federal Reserve and liquidity fluctuations. Short-term operations need to balance trend dividends with risk prevention.

1. Today's market core driving factors

1. Macroeconomic level: Interest rate cut expectations are the strongest catalyst

The latest economic data from the United States and statements from Federal Reserve officials have fueled market confidence. The number of initial jobless claims has dropped to the lowest level since mid-April, and the core PPI increase is the smallest since July 2024. JPMorgan has urgently raised its expectations for interest rate cuts, predicting a 25 basis point cut in December and January. The CME FedWatch tool shows that the probability of a 25 basis point rate cut in December has surged to 85.3%, with easing expectations driving a rebound in risk appetite for assets. Bitcoin, as a high-risk asset, has benefited significantly, with the total market capitalization of the cryptocurrency market rebounding nearly 3% within 24 hours, and trading volume reaching $139 billion.