The price of Bitcoin continued to decline last night, with the drop expanding as several Federal Reserve officials spoke, revealing serious internal divisions and intensifying market panic!
After rebounding around 90,000 yesterday morning, Bitcoin remained in a sideways trend until it began to drop during the U.S. trading session last night, eventually reaching a low of around 85,000 before correcting. Ethereum also rebounded around 3,170 during the day but lacked strength, dropping to a low of around 2,900 before rebounding in the early morning.
Macro-wise, after two officials reiterated their opposition to interest rate cuts last Friday, several Federal Reserve officials spoke again last night expressing differing opinions. Milan reiterated his opposition to a 25 basis point rate cut and supported aggressive cuts, while Williams sent a stabilizing signal, stating that monetary policy is now "well-positioned" to balance the two major risks of inflation and employment. Collins indicated that supporting the rate cut decision was difficult. Since the 25 basis point cut last week, the divergence among the Federal Reserve's senior officials regarding the policy path has become public. The market reacted with evident panic, with a significant sell-off in U.S. stocks and a corresponding drop in the cryptocurrency market.
From a technical perspective, after Bitcoin fell below the 90,000 mark, the price further declined, with the daily chart showing the price piercing the lower Bollinger band slightly open. The RSI and MACD indicators continue to operate in a bearish manner, indicating a dominant downtrend. The four-hour moving averages are also in a downward bearish arrangement, but the short-term hourly and half-hourly RSI indicators are in the oversold zone and require a correction, suggesting a potential rebound, though the rebound space is limited. During the day, attention can be paid to the rebound correction situation. The short-term resistance above is at 88,000 and 90,000, while the short-term support below is at 85,500 and 84,000.
Ethereum's movement is similar to Bitcoin's, with the daily chart price breaking below the middle band and approaching the lower band. The four-hour moving averages are in a bearish arrangement, and the Bollinger band is opening downwards, indicating strong bearish momentum. In the short term, after a temporary end to the volume increase on the hourly chart, the RSI has turned upward from the oversold zone, indicating a demand for price rebound correction. The short-term resistance during the day is at 3,000 and 3,150, while the short-term support is at 2,900 and 2,830.
During the day, focus on the rebound correction situation, and in the evening, pay attention to the non-farm payroll data release!
BTC short-term support: 85,500, 84,000 resistance: 88,000, 90,000
ETH short-term support: 2,900, 2,830 resistance: 3,000, 3,150
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