Powell's hawkish interest rate cut stance has caused a significant setback in the cryptocurrency market, with Bitcoin falling sharply by 4%. Powell stated that the Federal Reserve has no intention of holding Bitcoin, contrasting sharply with Trump's position and exacerbating market uncertainty.

Gold prices have also been affected, dropping below the key level of 2600, while the S&P has recorded its largest decline on a rate cut day since 2001, spreading panic throughout the market.

Last night I updated an analysis, pointing out that Bitcoin has not stabilized at 105000, and I continue to expect a drop within the range of 102000-100000, so opening a short position at the 104500 area to see if the 102000 support holds is not a problem.

Currently, Bitcoin has fallen below 100000, with the trend being both upward and downward. The market alternates between rises and falls, and Bitcoin's daily chart shows a 'bulldozer' trend. The market is expected to迎来 'V'-shaped reversal, achieving a rapid recovery. 98000 is the key support level to maintain the medium-term upward trend, so in Thursday's early session, I will first re-test 98800-98500 long, with a stop loss at 98000 and a target of 101000-101500!

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