Bitcoin and Ethereum prices are still weak in their rebound, possibly due to the U.S. third-quarter GDP growth exceeding expectations, with the probability of a Federal Reserve rate cut in January dropping to 13%!

Last night, the U.S. third-quarter real GDP annualized quarter-on-quarter preliminary value recorded 4.3%, far exceeding the expected 3.3%. With the economic growth and the dollar rebounding, after the data was released, the probability of the Federal Reserve maintaining interest rates in January increased to 87%, while the probability of a rate cut decreased to 13%, causing cryptocurrencies to weaken again. However, former President Trump also emphasized the urgent hope for a rate cut and stated that the prerequisite for the election of the Federal Reserve Chairman is to support a rate cut.

Bitcoin maintained a weak fluctuation last night, dipping to a low of 86500 before rebounding to 88400 early this morning, but this did not last, and it returned to hover around 87500. From a technical perspective, the daily chart price is still under pressure, with the Bollinger Bands flattening and short-term moving averages also leveling off, indicating a temporary lack of momentum. The four-hour MACD shows a bearish contraction, and the RSI remains in the oversold area. The hourly Bollinger Bands are narrowing, with moving averages intertwining and flattening, leading to a narrowing of the short-term price range. It is expected to continue weak fluctuations with little movement during the day. The upper resistance to watch is the four-hour middle band at 88400 and the daily middle band at 89500, while the lower support focuses on the early morning low of 86500 and the daily lower band at 85300.

Ethereum is also experiencing weak fluctuations, dipping below the 2900 mark early this morning before rebounding but facing pressure at the 3000 mark and falling back, currently hovering around 2960. The daily chart middle band at 3050 remains a key short-term resistance area to watch, and of course, the 3000 mark is also significant, as this level is a transition zone that will be tested repeatedly. As for the lower short-term support, focus on the 2900 area, which will be tested during weak fluctuations. A significant drop may continue to test the 2850–2800 area, which is also a key defensive area for intraday pullbacks.

BTC Short-term
Support: 86500, 85300
Resistance: 88400, 89500

ETH Short-term
Support: 2900, 2850
Resistance: 3000, 3050

As the Christmas holiday approaches, market trading may become lighter with little fluctuation, so pay attention to the initial jobless claims data in the evening.

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