The three major U.S. stock indices collectively closed lower, with the Nasdaq down 1.57%, the S&P 500 down 0.99%, and the Dow down 0.23%. U.S. stock digital money concept stocks fell, and the crypto market showed a corresponding big dump with U.S. stocks, with Bitcoin dropping to around 106236 at its lowest and Ether dropping to around 3677. The contract market saw a double explosion of long and short positions again. This deep pullback is a result of various factors. While the Fed is cutting interest rates, Powell also dropped the "🦅". Today's breakdown 📉 is not because the coin itself is failing; the fundamental reason is that Powell's words scared the leveraged positions. On the last black Friday night of the month at 20:30, the U.S. will release the year-on-year data for the September core PCE price index, with market expectations at 3.0%. It is recommended to closely follow the market reaction after the data release, especially the Fed's policy statements, to assess subsequent market trends.

Bitcoin was in a weak consolidation pattern all day yesterday, with significant characteristics of bearish dominance. The early morning market opened its rebound from a low of 109,690 USD, but the upward momentum was insufficient, and it faced clear resistance when rebounding to around 100,920 USD, subsequently turning back down. During the afternoon session, the market continued its downward trend, hitting a low of 107,860 USD. After briefly finding support at this low, it initiated another rebound, which was stronger than the morning's, reaching a high of around 111,550 USD. However, the bulls failed to hold onto the rebound gains, and the market faced pressure to drop again. In the evening session, affected by the performance of US stocks, the Bitcoin market fell continuously, breaking through several key support levels, with the lowest point touching around 106,230 USD. After forming effective support at this position, it halted the decline. As of now, the market is showing a slight rebound, operating around 107,600 USD. It is worth noting that the recent market has been impacted by insufficient liquidity during trading, failing to break out of a large-scale rebound. Throughout the up-and-down tug-of-war, the bullish power has been evidently weak. The current market has entered a critical node for the week and month-end closing, increasing the uncertainty of short-term trends. Moving forward, it is essential to pay close attention to the growth of trading volume. If trading volume can effectively expand, it may bring rebound momentum to the market; if trading volume remains sluggish, then the current trend of oscillating downward is likely to continue.

Ethereum also showed a weak operating pattern yesterday, with significant resistance to rebounding. During the day, Ethereum made two attempts to break through the $3950 mark but failed to overcome the pressure at that position, indicating heavy selling pressure above. In the evening, Ethereum started to decline in sync with Bitcoin, lacking effective support during the downward process, and it dropped to around $3670, where it stopped falling and initiated a slight rebound. As of now, Ethereum's price has rebounded to around $3780. Whether the short-term trend can improve hinges on the stability of the $3820-$3850 channel. If the price successfully stabilizes within this channel, the bulls are expected to gradually recover lost ground, driving the price into a rebound trend; conversely, if it fails to break through the resistance of this channel, the price is likely to continue consolidating in the bottom area, with the weak pattern difficult to effectively change.