Powell's hawkish stance on interest rate cuts has led to a significant setback in the cryptocurrency market, with Bitcoin dropping sharply by 4%. Powell stated that the Federal Reserve has no intention of holding Bitcoin, a stark contrast to Trump's position, which has heightened market uncertainty.

Gold prices have also been affected, falling below the critical level of 2600, while the S&P has recorded its largest drop on an interest rate cut day since 2001, spreading panic among investors.

Last night, I updated an analysis pointing out that Bitcoin failed to hold above 105000, and I continue to see a drop to the 102000-100000 range. Therefore, opening a short position in the 104500 area to test the support at 102000 is reasonable.

Currently, Bitcoin has dropped below 100000. The trend is not only driven by upward movements but also by downward ones. The market alternates between rises and falls, and Bitcoin's daily chart shows a 'bulldozer' pattern. The market is expected to welcome a 'V'-shaped reversal, achieving a rapid rebound. 98000 is the key support level to maintain the medium-term upward trend, so I suggest going long at the first retest of 98800-98500 on Thursday morning, with a stop loss at 98000 and a target of 101000-101500!

Ethereum is weaker than expected; last night we anticipated a retest of 3750, but it is now at 3540. During the day, I suggest going long in the 3520-3500 range, with a stop loss at 3480 and a target of 3650-3700!