Bitcoin and Ethereum continued to consolidate over the weekend until last night when they began to decline slowly, and this morning the decline has intensified. Bitcoin is once again testing the 88,000 mark, while Ethereum briefly dipped to 3,020 before rebounding.
On a macro level, several senior officials from the Federal Reserve reiterated their opposition to interest rate cuts last Friday night. Harker stated early this morning that he would consider Trump's opinions if rate cuts were to occur, but would maintain the independence of the Fed's interest rate decisions. The positive impact of last week's Fed rate cut has already been realized, and this week the probability of a rate hike in Japan continues to rise, leading to increased market panic and caution, putting continued pressure on Bitcoin, Ethereum, and others. However, the non-farm CPI data will soon be released, and if the data is favorable, it may strengthen the case for rate cuts and bring some relief to the market.
From a technical perspective, after Bitcoin broke below the 90,000 mark, the daily chart price is now running near the lower Bollinger Band at around 87,300. This level may provide some support, and the hourly RSI is in the oversold zone, indicating a potential rebound for the day. Short-term resistance is focused on the 90,000 mark and the 91,500 level, while short-term support is at 87,500. If the downward movement is strong, it may test the 86,000 level, which is also a critical support.
Ethereum is relatively resilient, with the daily chart price running at the middle band. The four-hour Bollinger Band continues to open downward, and the hourly chart shows a similar trend. However, the RSI is also in the oversold zone, indicating a need for price correction. The 3,000 to 2,950 area is a key support zone for the day; if it breaks again, it may test the 2,800 area like before. Short-term resistance is at 3,150 and 3,250.
During the day, focus on the rebound and consolidation situation, with particular attention to the speeches of several Federal Reserve officials in the evening.
BTC Short-term
Support: 87,500, 86,000
Resistance: 90,000, 91,500
ETH Short-term
Support: 3,000, 2,950
Resistance: 3,150, 3,250
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