The Federal Reserve's third "hawkish rate cut" of the year has been implemented, and the cryptocurrency market responded with a decline. Bitcoin and Ethereum continued to fall throughout the day, giving back all gains since Tuesday. During the Asia-European trading session, prices hovered at lows without any rebound, and market sentiment turned bearish.

Before and after the US market opened, the market reversed due to dual positive signals. The number of initial jobless claims in the US rose by the largest weekly increase since the pandemic, reinforcing expectations of rate cuts amid weak employment data; the reappointment of Federal Reserve regional presidents eliminated policy uncertainty. Supported by these factors, the two major cryptocurrencies halted their decline and rebounded: Bitcoin recovered above $92,000 after finding support; Ethereum stabilized around the $3,240 range.

On the technical side, there are signs of both recovery and constraints. The four-hour MACD energy bars for Bitcoin are shrinking, indicating waning bullish momentum; the hourly RSI entered overbought territory, suggesting short-term correction pressure. The Bollinger Bands are flattening, indicating limited rebound space, and the white trading session is expected to continue oscillating. Resistance for Bitcoin is seen at $93,000-$94,000, with support at $91,000 and $90,000; Ethereum's resistance is at $3,270 and $3,350, with support moving up to the $3,150-$3,100 range.

Tonight, multiple Federal Reserve officials will deliver speeches, which will be a focus. There are significant disagreements within the Fed regarding the rate cut path, with mixed hawkish and dovish signals. Official statements may break the current consolidation pattern. Investors should be cautious of volatility caused by fluctuating policy expectations and pay close attention to their comments on the future pace of easing.