12.07 Morning Analysis

Currently, Bitcoin and Ether are overall showing a fluctuating bearish trend, mainly caused by the imbalance of bullish and bearish forces and the strong suppression at key resistance levels.

First, looking at Bitcoin, although the market's expectation of the Federal Reserve's interest rate cuts has brought it some liquidity support, ETF funds have been continuously flowing out. At the same time, the decoupling phenomenon of BTC from traditional assets has resulted in significantly insufficient buying power. The resistance area of $93,000 - $95,000 has repeatedly successfully blocked Bitcoin's rebound momentum, and its 15-day and 20-day moving averages also show a clear bearish trend. Yesterday, Bitcoin broke below the $90,000 mark, and its subsequent recovery momentum is very limited.

Now looking at Ether, although the Ethereum network upgrade has provided some fundamental support, it is strongly correlated with Bitcoin and is greatly affected by Bitcoin's movements. There is significant pressure above $3,200, and Ether has consistently failed to break through the short-term consolidation range, with rebounds lacking sustained momentum.

In the short term, it is crucial to pay close attention to the core support levels of these two cryptocurrencies. Before a significant breakout occurs, they face relatively higher risks of fluctuating downward.

• Bitcoin: Short near $89,700 - $90,200, targeting around $88,500.

• Ether: Can short near $3,050 - $3,070, targeting around $3,000. #美联储重启降息步伐 $ETH $BTC