The revised annualized quarterly rate of the actual GDP for the third quarter of the United States, announced overnight, recorded 5.2%, exceeding the market's expected 5%. Federal Reserve hawk Mester stated that the monetary policy is in a good position to flexibly assess future data, and whether to further raise interest rates depends on the data. Richmond Fed President Barkin is unwilling to rule out the option of further interest rate hikes, and today the market is focusing on the report of the initial jobless claims data at 9:30 PM.

Bitcoin probed higher and then fell back yesterday, closing with a doji candle on the daily chart. Bulls in the European session encountered resistance around the 38500 level, followed by a strong correction and a volume-driven decline. As emphasized in yesterday's article, this slow rebound rhythm will repeatedly test resistance. Bulls will only initiate a second wave of upward movement if stability is achieved in the 38000-38200 area; otherwise, short-term fluctuations will continue. Our intraday long positions also successfully reached the expected profit-taking point.

From a technical perspective, the four-hour chart shows a doji candle probing higher and then falling back, closing above the midline after breaking through the round number support overnight. Whether it is a rebound or a reversal in the short term depends on observing the intraday changes in market structure. The 38000 level is the key watershed for today's long and short battle. A breakthrough indicates a trend-following long position, while failure to break through suggests a weak correction rebound and short selling. It is expected that after consolidation in the Asian session, there will be an initial inertia-driven decline, with direct shorting to explore the bottom, followed by going long in the U.S. session.

Short Bitcoin in the 38000-38200 area, with a target of 37000 and a defensive position at 38550.

Short Ethereum in the 2035-2045 area, with a target of 1980 and a defensive position at 2075.

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