Bitcoin rebounded after dropping to a low of 115,751 last night, currently around 119,500. It may need to consolidate for a while here. Ethereum has seen a corrective rise, reaching a high of 3,265 (as of the time of writing). The ETH/BTC exchange rate has broken through on the daily chart, and the flow of funds into Ethereum and altcoins is likely to see a significant rebound.
The US dollar index has rebounded for half a month and has broken through the downward trend line. US Treasury bonds for five and ten years are in a weekly convergence pattern. As the triangular consolidation extends, the probability of a subsequent decline is relatively high.
Bitcoin
Bitcoin reached a high of 123,200 before pulling back, currently rebounding around 119,500. For the time being, it may oscillate between 115,000 and 120,000 for an extended period. Additionally, with Ethereum's corrective rise, altcoins are likely to see significant inflows. However, as long as Bitcoin does not drop below 112,000, it remains bullish.
Bitcoin just needs to maintain stability and adjust, which will provide a rebound opportunity for Ethereum and altcoins. Currently, the market is focused on interest rate cut expectations; risks will only increase when the official rate cuts occur.
Support: 112,000—114,000—115,000
Resistance: 120,000—123,000
Ethereum
Ethereum has seen a corrective rise. Yesterday's analysis mentioned that Bitcoin experienced a sharp rise and fall, but Ethereum has basically recovered from the drop. The trend of Ethereum over the past two years has been characterized by bottom consolidation, followed by a unilateral rise after a few months. Currently, it is also very close to our first target of 3,300. The ETH/BTC exchange rate has broken through, leading to a significant rebound in Ethereum and altcoins. Previously mentioned altcoins like SUI, XRP, BONK, and SEI have all seen doubling trends. Next, we should pay attention to some altcoins that have not yet seen a corrective rise, such as…
Support: 2,900—3,100
Resistance: 3,300—4,000
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