Bitcoin has fallen below 88000, and Ethereum has lost the 3000 level. The bears are coming strong, and with the non-farm payroll data being released tonight, will the market continue to fall? Previously, Bitcoin struggled to rise above 90000, and Ethereum broke through the 3000 key area, but the decline has continued to widen, truly worrying. This must be closely monitored!
Bitcoin rebounded to around 90000 yesterday morning and then consolidated. Last night, the US market opened down, falling to around 85000 in the early morning before slightly correcting. Ethereum rebounded to around 3170 during the day before weakening, dropping in the evening, and rebounding only after hitting a low of around 2900 in the early morning.
On a macro level, last Friday, two Federal Reserve executives opposed interest rate cuts, and several executives spoke last night with significant differences of opinion. Milan opposed a 25 basis point cut and supported aggressive cuts, while Williams stated that monetary policy is good, and Collins indicated that supporting the interest rate cut decision is difficult. After the 25 basis point cut last week, the policy differences among the Federal Reserve leadership have become public. The market is in panic, with a major sell-off in US stocks, and the cryptocurrency market also falling in tandem, with the decline intensifying.
Technically, Bitcoin has continued to decline after losing the 90000 level, with the daily chart price piercing the lower Bollinger Band and the lower band slightly opening. The RSI and MACD indicators are bearishly expanding, with the downward trend prevailing; the four-hour chart shows a bearish alignment of moving averages. However, the RSI indicators on the short-term hourly and half-hourly charts are in the oversold zone and have a need for correction, with limited rebound space expected. During the day, focus first on the rebound and correction, with short-term resistance at 88000 and 90000 above, and short-term support at 85500 and 84000 below.
Ethereum's trend is similar to Bitcoin's, with the daily chart price breaking below the midline and approaching the lower band. The four-hour chart shows a bearish alignment of moving averages, and the Bollinger Band is opening downwards, indicating strong bearishness. The short-term hourly chart has ended its volume expansion, the RSI has turned upward from the oversold area, and there is a demand for price rebound. Short-term resistance at 3000 and 3150, short-term support at 2900 and 2830.
During the day, focus on rebound and correction, and in the evening, the non-farm payroll data will be released. The quality of the data has a significant impact on interest rate cut expectations and market direction, which must be closely monitored!
BTC short-term
Support: 85500, 84000
Resistance: 88000, 90000
ETH short-term
Support: 2900, 2830
Resistance: 3000, 3150
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