It really proves that saying, every time interest rates are cut, there will be a big drop. Setting aside the news and only discussing the technical aspects.
Bitcoin wanted to break through the previous high of 94500 in the early hours but failed and formed a large wick, creating a double-top pattern before randomly starting to decline. It broke the support at 91500 early on and continued to test the support at 89500, which currently seems to hold briefly.
If Bitcoin wants to rebound subsequently, it must first stabilize above 89500 before rebounding to above 90300 for consolidation to possibly continue looking up towards 91500. Conversely, if the support at 89500 cannot hold, then it will need to continue testing around 87600 below.
Now let's talk about Ethereum. Although Ethereum broke through the previous high, the actual closing price did not remain above, and it promptly started to form a range. Currently, the support for Ethereum is around 3130; temporarily, Ethereum has stopped falling, but whether it will continue to test downwards tonight is uncertain. After all, the overall market is quite weak after experiencing interest rate cuts.
Can we get another piece of good news to save the current market? Let me have some room to operate with my trades.
