The Federal Reserve's dovish stance has overwhelmingly overshadowed the hawkish one, with market expectations for interest rate cuts rising to 84%. Investors have increased their bets on a rate cut next month, dispelling doubts that had leaned towards no cuts last week, and paving the way for a rise in U.S. Treasury bonds. Meanwhile, the open interest in futures contracts linked to the Fed's benchmark rate has surged in the past three trading days, with January contracts setting daily trading volume records last week.

On-chain data shows an increase in buying, with institutional whales continuously accumulating, providing short-term price support for Bitcoin and Ethereum. However, there has not been a significant continuation of the rise in the past 24 hours. Bitcoin is currently fluctuating around $88,000, while Ethereum is testing the $3,000 level. It appears that momentum is somewhat lacking for now, but on-chain incremental data indicates that bulls are brewing, which may lead to another upward push. However, considering that the U.S. market will be closed for Thanksgiving tomorrow, the rebound during the day is expected to be limited. Today, we still see a situation of pressure and consolidation.

From a technical perspective, Bitcoin's rebound strength has eased. Although bullish volume indicators are present on the hourly level, the four-hour level is encountering moving average resistance, and the Bollinger Bands are narrowing, indicating a decision point ahead. In the short term, further fluctuations are expected as the market data guides the direction. The short-term resistance to watch above is the $90,000 level, while the short-term support is at $85,500 and $83,500.

Short-term trading suggestions for Bitcoin:

1. Defend long positions near the $85,000-$84,500 area, targeting $86,000-$86,500

2. Short positions near the $89,500-$90,000 area on a rebound, targeting $88,500-$87,500

Ethereum is showing more resilience, currently probing the $3,000 level. If momentum continues, the price may break above $3,000 and test the $3,100 position. From a technical standpoint, the recent rebound on the four-hour Bollinger Bands is slowly trending upwards, with short-term support moving up. However, there is significant resistance above, and any upward movement will face pressure. If the direction strengthens further, it will require on-chain capital flow to drive it. The resistance to watch above remains at the $3,000 and $3,100 levels, while support is at $2,850 and $2,780.

Short-term trading suggestions for Ethereum:

1. Defend long positions near the $2,850-$2,800 area, targeting $2,900-$2,930

2. Short positions near the $2,980-$3,030 area on a rebound, targeting $2,920-$2,880

Tomorrow morning, the Federal Reserve will release its Beige Book on economic conditions, and it is expected that the economic data will not be ideal, which may strengthen expectations for a rate cut in December. At that time, Bitcoin could surge towards the $90,000 mark! Ethereum may also break the $3,000 level! Of course, the data could also yield unexpected results, which requires close attention.

[Friendly Reminder: Market conditions change rapidly, suggestions are for reference only, and for more real-time consultation, feel free to communicate with me online]

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