Is Bitcoin and Ethereum "stalled"? Key data tonight will determine the direction, don't miss out!
Yesterday the cryptocurrency market showed a hint of rebound, but in the blink of an eye, it returned to lethargy. Bitcoin and Ethereum seemed to have hit the brakes, completely losing their momentum. The current market is like a hesitant traveler, unable to move forward, yet unwilling to go back. It all depends on today’s two major data points.
Market Review: Rebound was short-lived, oscillation is the main theme
Yesterday, Bitcoin managed to touch the 90,000 mark, but the momentum was insufficient. It traded back and forth between 90,300 and 89,700 all day, resembling a tug-of-war. Ethereum was similar; after returning above 3,000, it couldn't hold its ground and hovered in the range of 3,030 to 2,990. When the US market opened, the situation deteriorated again, gradually moving downward. Bitcoin dipped to 88,500 before barely correcting; it is now consolidating around 89,500. Ethereum also fell to around 2,910 before rebounding, currently fluctuating around 2,950, with an overall weak market atmosphere.
Macro and Technical: Lack of favorable news, insufficient recovery momentum
Last night, the US November PCE data was released, roughly meeting expectations, and the Federal Reserve's decision to maintain interest rates next week is practically a done deal. Without favorable news to support it, the cryptocurrency market naturally struggles to gain momentum, like a basketball team lacking a core player, with no strategy in offense or defense.
From a technical perspective, both Bitcoin and Ethereum have barely held their rebounds after falling near the lower Bollinger band. The four-hour MACD shows some weak momentum, as if it's trying to catch its breath for a recovery, but the RSI indicator is as flat as a straight line, making it difficult to exert force in the short term. In simple terms, rebounds are easily pressured, and there is significant resistance to upward movement.
Today's Guidance: Keep a close eye on two key data points, grasp critical levels
Today, there are two key points to focus on: the Bank of Japan's interest rate decision and the final value of the US January Michigan Consumer Confidence Index. These two data points are like the "barometer" of the market; any slight movement could trigger volatility, as the current market is very sensitive.
