All three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average falling by 1.65%, the S&P 500 dropping by 1.65%, and the Nasdaq Composite declining by 2.29%. The technology zone saw the largest declines. According to CME's "Fed Watch": the probability of a 25 basis point rate cut by the Fed in December is 51.6%, while the probability of maintaining the interest rate is 48.4%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 50.3%, with a 29.1% chance of keeping the interest rate unchanged, and the probability of a cumulative 50 basis point cut is 20.6%. The crypto market has declined across the board, with Bitcoin falling to its lowest point since May at around 98000, while other alts have also experienced synchronized declines.

Bitcoin was in a small structural oscillation range during the white盘阶段 yesterday, with both bulls and bears being relatively cautious in their battle, resulting in limited price fluctuations. During the afternoon session, the bearish forces were briefly released, with the price dipping to around 100,800 USD, after which the bulls retaliated, initiating a rebound trend. The afternoon market continued to rise, reaching a high of 104,000 USD, but there was strong resistance at this level, causing the price to pressure and fall again. In the evening session, market volatility slightly increased, and after rebounding to 103,500 USD, the bears exerted pressure again, leading to a continued decline. As of today, Bitcoin has fallen to a low of 97,930 USD, creating a phase low point, after which the bulls organized a counterattack again, and the price has now risen above 100,000 USD, temporarily escaping the low region. From a technical perspective, Bitcoin had previously formed a short-term top adjustment pattern, and yesterday it further broke below the previous key support level during the session, validating the bearish rhythm of the small cycle, which is consistent with the market logic we emphasized repeatedly yesterday. The current rebound is more of a technical correction after an oversold low, and attention should be paid to the stabilization situation at the 100,000 USD level. If it cannot effectively stabilize, there is still a possibility of returning to low-level oscillation.

Ethereum was also in a small structural consolidation phase during the daytime yesterday, with prices oscillating around key levels. After a minimum drop to 3377 USD during the session, it received short-term support and began a slight rebound, but the rebound strength was limited, peaking at only 3454 USD (the original text’s 3054 USD appears to be a typo, corrected in accordance with previous trends). Subsequently, it began to decline under the pressure of bears. As of today, Ethereum has dropped to around 3152 USD, refreshing its recent low, and started to rebound with the overall technical correction of the market, currently trading near 3250 USD. Compared to Bitcoin, Ethereum's rebound strength is notably weaker this time, and it has not opened up significant rebound space, indicating stronger resistance faced during the rebound process, with bullish confidence relatively insufficient. Essentially, it is a repair of the previous rapid decline, and no clear signals have emerged to reverse the short-term bearish trend. #Square issues coins to share the 1000 U prize pool.