After a second test at the bottom in the early morning, a rebound has reappeared, touching the top of the previous evening's rebound—105000, 3900. Subsequently, influenced by the Federal Reserve's decision at three in the morning (Powell stated that the pace of rate cuts needs to slow), the US stock market fell first, driving the overall cryptocurrency market to decline rapidly.

In our live broadcast and early morning updates, we emphasized the importance of reasonably controlling positions in the latter half of the night and the critical role of taking partial profits when the rebound reaches the target of 50%, avoiding long positions being liquidated and reverse losses.

Last night's failed rebound and further decline in the morning indicate that the bottom for this wave has not yet formed, and the market still faces significant upward pressure. It needs to build upward momentum through further retracements. Today's daytime trading is expected to be a slow confirmation of the bottom. The expected bottom for this wave is likely to appear at 97300, 3530.

While waiting to go long when the daytime bottom arrives, we can first pay attention to the remaining downside space during noon. If the market can rebound to around 101000, 3660 before the bottom arrives, then this round can also defend at 1000, with a 60-point stop to position for a short-term downward layout.