#比特币对比代币化黄金 Last night at 11 PM (December 5), the Core PCE data for September was finally released. How did it turn out? It was completely in line with expectations—annual rate steady at 2.9%, monthly rate at 0.2%. To be honest, this "delayed" data itself isn't explosive, but its significance lies in clearing the final hurdle for the Fed's interest rate decision next week.

After the data was released, the market remained calm. Why? Because everyone had already priced it in. Currently, the market's expectation for a rate cut in December is as high as about 87%. Since this PCE report neither exceeded nor missed expectations, it naturally didn't stir up any waves. In other words, the Fed can now feel comfortable about cutting rates, without worrying about a sudden rebound in inflation.

What about Bitcoin? Prices remained stable before and after the data release, with high-level consolidation continuing as usual. This shows the market had already digested this "expected" result.

Looking ahead, there are a few points worth noting. First, the macro narrative remains intact—controlled inflation and a rate cut in sight, which still sets a bullish tone for the crypto market. Second, the real highlight is next week: What will the Fed say at the meeting? What will the dot plot look like? Will there be new clues about the rate cut path for next year? These are the real signals the market is waiting for.

Operational advice? If you're holding spot, the big trend hasn't changed, so it's fine to keep holding. But if you're trading futures, it's best to control your leverage during this period—the market may move in a narrow range ahead of the Fed meeting, and low liquidity can easily lead to unexpected wicks. Support and resistance levels on the technical side can be used as short-term references, but for a major directional breakout, it will probably take a clear signal from the Fed.

In short, the PCE data passed smoothly. Now it's up to the Fed to see how this play unfolds.