After the US announced the November CPI data, as of now, the possibility of the Federal Reserve cutting interest rates by 25 basis points in December has risen to 98.6%.

If there is indeed another rate cut this month, it will undoubtedly increase market liquidity, which is undoubtedly great news for the cryptocurrency space.

In this scenario, both mainstream coins and altcoins are likely to have considerable upward potential.

Last night, in the latter half of the night, Bitcoin's price movement showed a downward trend correlated with the US stock market, with its price once soaring to 102,500, and then quickly retreating below 100,000 dollars.

From the current market analysis, the price level of 102,000 constitutes a very strong resistance level; Bitcoin's price must break through this level in one go to stabilize.

Additionally, the US Coinbase exchange is about to launch the pnut project, and the associated Squirrel Coin has shown an upward trend within 24 hours, increasing by over 30%.

I had previously mentioned that Squirrel Coin would experience a wave of popularity, and its price movement is now confirming this view. Let's look forward to its subsequent market performance after it goes live on Coinbase.

Now, returning to today's Bitcoin daily market analysis. From the performance of the K-line chart, a downward trend is observed on the 1-hour level, and the 4-hour level is also in a downward trend, while the 12-hour level is about to enter the confirmation phase of a downward trend, with the daily level's performance also showing some weakness.

In summary, Bitcoin's intraday resistance level is at 102,000, and the support level is at 97,000 dollars.

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