After the Bank of Japan announced a 25 basis point rate hike, the market was originally expecting a big plunge, but instead, an unexpected reversal occurred. Yesterday, the yen exchange rate not only failed to rise but also broke a one-month low. Bitcoin and Ethereum did not crash as most people anticipated; instead, they rebounded strongly. This outcome actually reflects an interesting phenomenon: true risk often lies not in the obvious negative factors on the surface, but in the gap between market collective expectations and actual conditions.

When all eyes are focused on whether the central bank will raise interest rates and by how much, what truly influences the market behind the scenes is the global capital's insatiable desire for high-yield assets. Although rate hikes provide a definitive answer, they eliminate the biggest suspense and uncertainty, which in turn gives cautious funds the confidence to start buying the dip, pushing prices higher.

Looking ahead, the Fed's rate cut in December is already settled, and the BOJ's rate hike can be considered a wrap-up. Weak CPI data combined with the better-than-expected non-farm unemployment rate further strengthen market confidence in rate cuts. Several Fed officials have also spoken this week, continuing to promote rate cuts, and market expectations for a January rate cut are rising, naturally benefiting crypto assets.

From a technical perspective, Bitcoin's price has now recovered above 88,000. On the daily chart, after rebounding from the lower band, it faces resistance at the middle band, while the 4-hour MA5 moving average has shown a golden cross signal. In the short term, there is room for price correction, but the upper MA60 moving average is also creating pressure, requiring an effective breakout to continue upward. Watch the key levels of 89,500 and 90,000 on the upside, and support levels at 86,500 and 86,000 on the downside.

Ethereum has maintained strength since breaking above 2,900 yesterday and is now approaching the 3,000 mark. The 4-hour and hourly moving averages are both in a bullish alignment, providing strong support, and MACD continues to expand, all indicating that the short-term price may continue to rise. Once it effectively breaks through 3,000, the next target range should be between 3,050 and 3,150. This zone will face significant selling pressure and warrants close attention. Support levels have moved up to around 2,920 and 2,850.

Weekend trading is expected to be less volatile, with prices likely to gradually recover and correct. The key is to observe the strength of this correction.

Bitcoin short-term trading references:
Support levels: 86,500, 86,000
Resistance levels: 89,500, 90,000

Ethereum short-term trading references:
Support levels: 2,920, 2,850
Resistance levels: 3,050, 3,150