Last night's market movements were quite intense. Bitcoin surged from 93,200 all the way to 94,500, but during the US trading session, heavy selling pressure caused a sharp decline, and in the early morning, it even dropped to 91,300. However, there was buying support at the market bottom, and the price rebounded to 93,800 in the morning, only to fall back again, currently breaking below 93,000.

From a macro perspective, Federal Reserve official Mullan's speech last night mentioned that by 2026, interest rates need to be cut by 100 basis points. Once this expectation appeared, institutions initially pushed prices up quickly, but then large-scale selling followed, increasing market volatility.

Technical signals are quite clear—both Bitcoin and Ethereum's rebounds have touched the December early selling zones, prompting profit-taking by institutions. On the daily chart, after continuous gains, a bearish candle finally appeared. The RSI has entered overbought territory and is turning downward, and the four-hour MACD is also beginning to shrink, all indicating the possibility of further short-term correction.

However, the depth of the correction shouldn't be too severe, as support from bottom-buying funds remains. For Bitcoin, focus on the 91,500-90,800 support zone; if it falls below 90,000, caution is needed, as this will be a key level determining whether the rebound can continue. Resistance levels are still at 94,000-95,000. Ethereum's performance is similar, with support at 3,180-3,150 and resistance at 3,300. If the rebound continues, it may test 3,350-3,400.

Today’s daytime trading is expected to be a correction and consolidation phase. In the evening, pay close attention to the ADP data and Federal Reserve officials' speeches, as they could impact the market.