Friday Market Discussion

"The stream clouds rise as the sun sets behind the pavilion, the mountain rain is about to come, and the wind fills the building." Two consecutive days of decline have caused the coin price to fall below the 100,000 mark, breaking the stagnant oscillation since the beginning of the week.

The last interest rate cut of 2024 has finally landed, with a 25 basis point reduction as the market expected, but Federal Reserve Chairman Powell expressed a 25-year monetary policy perspective at the subsequent press conference, emphasizing that the Federal Reserve will not purchase cryptocurrencies. This move has greatly disappointed the crypto market, leading to a total drop of thousands of points over two days.

Currently, it has fallen below the key support level of 100,000, coupled with yesterday's upward movement hitting resistance, ultimately pressured at the 103,000 line without continuing to rebound. The current trend shows a continuation of the bearish movement, and there is still room for decline. It is temporarily advised not to go long, but to conduct high-altitude operations on rebounds.

In terms of operations, rebound in the 98,000-98,500 area is advised, and watch for the 96,000-95,000 line.

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