Bitcoin and Ethereum prices have fallen to a critical area again, and this weekend's sideways movement faces a new choice!
Last night, several Federal Reserve officials spoke, including Goolsby and Schmied, who reiterated their opposition to rate cuts. They stated that due to the lack of current economic data, further data should be awaited before considering rate cuts, and expressed concerns about inflation. Goolsby also stated that the Federal Reserve should maintain its independence and should not lower interest rates to finance government debt. The other two officials also mentioned the need for more data for reference. During the speeches, U.S. stocks continued to widen their losses, and Bitcoin and Ethereum, which had been consolidating during the day, also fell, with Bitcoin dropping back below the 90,000 mark, erasing the early morning rebound space, while Ethereum retraced to around 3,050.
On the technical side, Bitcoin continues to be pressured and has fallen back to the middle track, with RSI forming a death cross, and bearish momentum is increasing. However, at the four-hour level, the price is supported by the lower track, and at the hourly level, there is a rebound demand from the oversold zone, with MACD showing a decrease in volume. In the short term, the price may have a rebound demand, but the rebound strength will not be significant under the waning macro favorable conditions. Additionally, as it is the weekend, trading is expected to weaken, and a slight rebound after correction will likely maintain a weak oscillation.
Currently, the 90,000 mark for Bitcoin continues to be contested, with short-term resistance above focusing on 91,500 and 92,800, and short-term support below focusing on 89,000 and 88,000. Ethereum is facing a critical area at the 3,000 mark, with short-term resistance above focusing on 3,150 and 3,250, and short-term support below focusing on 3,000 and 2,950.
This weekend, significant fluctuations are unlikely, and next week's non-farm payrolls are a key focus!
BTC Short-term
Support: 89,000, 88,000📈
Resistance: 91,500, 92,800📉
ETH Short-term
Support: 3,000, 2,950📈
Resistance: 3,150, 3,250📉
Note: First pay attention to the strength of the rebound before focusing on the retracement and oscillation.
