#美联储重启降息步伐 $BTC and $ETH Recent Trend Scan

Bitcoin is hovering around $92,305, down 1.87% in the past 24 hours, once dropping below the $91,000 mark. The most contentious area right now is the $93,000 to $94,000 price range—a tug-of-war that has played out repeatedly after a roughly 30% pullback from the all-time high of $126,000.

Ethereum is looking even weaker, falling below $3,100 with a 24-hour drop of 2.80%. However, there is a notable technical point: the Fusaka upgrade was just completed, and network activity is on the rise.

In terms of sector rotation, this round of correction has been nearly across the board. Popular sectors like PayFi, Layer2, and DeFi are leading the decline, with drops in the 3%-4% range. Interestingly, there has been a clear divergence in fund flows: on December 3, Bitcoin spot ETFs saw a slight net outflow of $14.9 million, while Ethereum spot ETFs recorded a net inflow of $140 million.

Key Price Zone Battle

The $93,000-$94,000 resistance zone is now the focal battleground for the market. Whether it can hold above this range will directly determine the next move:

If it successfully breaks through, in theory, it could open up an upward channel toward $100,000 or even $120,000-$128,000. But if another breakout attempt fails, it will likely retreat to the $85,000-$92,000 range to find breathing room.

A Few Key Variables to Watch

On-chain data is revealing some subtle signals. The amount of Bitcoin held on centralized exchanges has dropped to its lowest level since 2017—this usually means selling pressure is easing, and coins are more likely being held for the long term.

On the macro side, expectations for another Fed rate cut in December are rising. The shift toward looser monetary policy by major global central banks is generally supportive for risk assets. However, it's worth noting that institutional fund flows are starting to diverge. Inflows into Bitcoin ETFs are slowing, and some funds appear to be shifting toward assets like Ethereum, which could affect the pace of sector rotation going forward.

Another detail: after the previous period of intense volatility, the amount of liquidations in the futures market has dropped significantly. This indicates the leverage bubble is deflating and the market is moving from a state of frenzy to a relatively calmer consolidation phase.

At the current level, waiting and watching may be more rational than impulsive trading. It's safer to wait for a clear breakout signal in the $93,000-$94,000 key area, or for the price to pull back and stabilize at the $85,000-$92,000 support zone before making decisions. The Fed's policy moves and institutional fund flows will continue to dominate market sentiment in the short term.