Bitcoin broke 90,000 and Ethereum broke 3,000 in key areas, with the decline continuing to expand. Several high-ranking officials from the Federal Reserve spoke, highlighting serious internal divisions, and market panic intensified! Tonight is non-farm payroll night; will it continue to decline or ease and rebound? Focus on this!
Bitcoin rebounded around 90,000 yesterday morning and remained in a sideways trend until the U.S. market started to decline last night, expanding the drop to a low of around 85,000 in the early morning before correcting. Ethereum also rebounded around 3,170 during the day but lacked momentum, dropping to a low of around 2,900 in the early morning before rebounding.
Macro-wise, after two high-ranking officials reiterated their opposition to rate cuts last Friday, several Federal Reserve officials spoke again last night expressing differing opinions. Milan reiterated opposition to the rationale for a 25 basis point rate cut and supported aggressive rate cuts, but Williams sent a stabilizing signal, stating that monetary policy is now 'well-positioned' to balance the two major risks of inflation and employment. Collins stated that supporting the rate cut decision is difficult. Since the 25 basis point rate cut last week, the divergence among Federal Reserve officials regarding policy paths has become public. The market reacted with clear panic, with a significant sell-off in U.S. stocks during the day, and the cryptocurrency market also saw a correlated drop and expanded losses.
From a technical perspective, after Bitcoin fell below the 90000 level, the price further declined. The daily chart level price pierced the lower Bollinger band slightly open, and the RSI and MACD indicators are continuously bearish, indicating a dominant downtrend. The four-hour level moving averages are also in a bearish arrangement, but the short-term hourly and half-hour RSI indicators are in the oversold zone and need to correct, so a rebound is expected, but the rebound space is limited. During the day, we can first pay attention to the rebound repair situation. The upper short-term resistance focuses on the 88000 and 90000 levels, while the lower short-term support focuses on the 85500 and 84000 levels.
Ethereum's trend is similar to Bitcoin's. After the daily chart price broke below the middle track, it approached the lower track. The four-hour level moving averages are in a bearish arrangement, suppressing the price, and the Bollinger band is running downward, indicating strong bearishness. In the short term, after temporarily ending the volume at the hourly level, the RSI turned up from the oversold zone, indicating a demand for price rebound and repair. During the day, short-term resistance focuses on 3000, 3150 positions, and short-term support focuses on 2900, 2830 positions.
During the day, focus on the rebound and repair situation. In the evening, the non-farm payroll data will be released. If the data is poor, it will strengthen the rate cut or maintain stability? Key attention!
BTC short-term
Support: 85500, 84000
Resistance: 88000, 90000
ETH short-term
Support: 2900, 2830
Resistance: 3000, 3150
⚠️ Reminder: During the day, first pay attention to the rebound repair situation, then look for a decline and fluctuation.
—— Original by the author, everyone is welcome to follow and communicate!
