Market Overview - Bitcoin has dropped to around $112,000, showing strong support at this level, with an overall bearish trend in the daily chart, indicating that any long positions should be short-term for potential rebounds [1] - Ethereum has broken its upward trend line with a significant bearish candle on the daily chart, suggesting a continuation of the bearish trend, and advising to reduce long positions while increasing short positions [1] - In the last 24 hours, 132,399 individuals were liquidated globally, with a total liquidation amount of $295 million, including $211 million from long positions and $83.65 million from short positions [1] Federal Reserve Commentary - Federal Reserve Chairman Jerome Powell indicated that stock market valuations are quite high, which led to a decline in major stock indices, with the Nasdaq dropping over 1% [3] - Powell emphasized the need to balance inflation risks with employment risks, without clarifying the stance on potential interest rate cuts next month [3] - Despite the recent market pullback, expectations for a rate cut in October have strengthened [3][5] Technical Analysis - Bitcoin's recent price action shows a lack of strong rebound despite not falling further, with a critical support level at $111,000 and potential resistance at $113,000 [6][8] - Ethereum is currently in a downtrend with low volatility, and key levels to watch are $4250 for resistance and $4080-$4060 for support, suggesting a strategy of buying on dips [10] Altcoin Insights - There are two main directions for altcoins: the expectation of ETFs and the staking sector of Ethereum, with specific altcoins like LTC and DOGE being highlighted for their potential due to ETF expectations [12] - The staking sector is expected to gain attention, particularly with Ethereum staking-related tokens such as LDO, SSV, ETHFI, and PENDLE [12] Recent Market Movements - UXLINK experienced a significant drop due to a theft incident, while GIGGLE saw a remarkable increase of 110% in market value within 8 hours, indicating potential opportunities in the primary market despite a generally sluggish secondary market [13][16]