Bitcoin hit a weekly low when the Federal Reserve adopted a dovish stance, leading traders and analysts to believe a short-term bottom is forming.

According to Mars Finance, on November 23, Bitcoin continued its decline this week from a high of $96,000, reaching a low of $80,600 around 8:25 PM Beijing time on Friday, November 21. That evening, several Federal Reserve officials delivered positive speeches, reversing the market's previous view that a December rate cut was unlikely. The earliest speech almost coincided with the $80,600 low, including: New York Fed President Williams stating that given the current slightly tight policy, the Fed could still cut rates in the short term. Inflation is stagnant, but is expected to reach the 2% target by 2027. Fed Governor Milan stated that the impact of Thursday's non-farm payroll data was "clearly dovish," and insufficient data does not mean the Fed did not make predictions. Fed Vice Chairman Jefferson also stated that he believes the current surge in AI-related US stocks is unlikely to repeat the collapse of the dot-com bubble in the late 1990s, mainly because today's AI-related companies are more mature and have real profitability. Fed President Logan stated that he expects the Fed's balance sheet to resume growth soon. Following a dovish stance from several officials, US stocks opened higher, and Bitcoin rebounded simultaneously. The market's perception of a December rate cut quickly rose above 70%. As of press time, Bitcoin's rebound had briefly surpassed $86,000. Several market analysts and traders believe a short-term bottom has appeared. Among them, renowned Chinese crypto analyst Banmuxia stated that $80,500 is essentially a significant low point in this bear market, possibly even the absolute bottom, but the bear market is not over, and further consolidation at the bottom is likely. Crypto trading indicator analysis platform CoinKarma pointed out that the spot trading volume of BTC at the close of trading on November 21st saw its highest volume in recent times across multiple trading platforms, indicating significant market turnover. This structure of "high turnover and volume-driven stabilization" is a typical short-term bottom signal. Chris Burniske, a partner at Placeholder VC, stated that the cryptocurrency market seems poised for a rebound until it's enough to make people bullish again before the next sharp drop.