Bitcoin and Ethereum rebounded after a significant pullback during yesterday's trading session, but overall performance remained volatile. In the evening session, there was a clear tug-of-war between bulls and bears, with Bitcoin's price fluctuating rapidly between the 87800–90300 range. The short-term rhythm was fast but lacked continuity; Ethereum also experienced severe volatility, oscillating between 2880–3030, indicating that the current market is still in a highly unstable state.

From a macro perspective, the core factor putting pressure on market sentiment recently still stems from external uncertainties. Previously, tensions between the US and Europe over the Greenland issue, coupled with a rapid rise in Japanese government bond yields, led to a synchronized pressure on global risk assets, increasing risk-averse sentiment. The cryptocurrency market was no exception, experiencing continuous sell-offs and a persistent decline in prices.

However, last night, Trump publicly stated that he would not impose tariffs on Greenland, which somewhat alleviated market concerns about escalating trade frictions. The US stock market subsequently rebounded, and the cryptocurrency market also showed a synchronized recovery trend in the early hours. Bitcoin stopped falling and rebounded after dipping near 87200, returning to around the 90,000 mark this morning; Ethereum also stabilized and rose after retreating to the 2870 level, currently standing back above 3000, with short-term sentiment showing some recovery.

From a technical perspective, both Bitcoin and Ethereum found support near the lower Bollinger Band on the daily chart, showing clear characteristics of a technical rebound after an oversold condition. The MACD indicator on the four-hour chart continues to shrink, indicating weakening bearish momentum, while the RSI indicator has turned upward from the oversold zone, suggesting that short-term rebound demand is accumulating. However, it is important to note that this still largely represents a corrective rebound after a decline, rather than a trend reversal, and the height and sustainability of the rebound remain to be verified.

Specifically regarding the intraday structure, Bitcoin's short-term resistance is primarily focused on the four-hour midline at 91200 and the daily midline at 92500. If the rebound fails to effectively reclaim these areas, the price may still face downward pressure. The short-term support below remains at 89000 and 88000, which is an important level where multiple rebounds have occurred recently. If this area is lost again, market sentiment may weaken further and continue to test the 86000-84000 range.

For Ethereum, the structure is basically synchronized with Bitcoin, but with relatively larger fluctuations. Short-term resistance is focused on the 3100 level and near 3150, which is also a pressure zone where previous rebounds faced multiple obstacles; the support below continues to focus on the 2930 and 2870 areas. If this range is broken, the risk of a pullback will further increase, potentially testing the 2800-2650 areas again.

Overall, the current market is still in a phase where sentiment repair and risk games coexist. Although there is short-term rebound potential, in the context of macro uncertainties not fully dissipating, the rebound is more inclined towards a technical correction. It is essential to control the rhythm in operations and avoid emotional chasing of prices.

Key attention today should be on the European Central Bank's monetary policy meeting minutes, as well as the release of the US initial jobless claims data and core PCE data for the week. These factors may introduce new disturbances to market risk appetite, thereby affecting the short-term direction of cryptocurrencies.

This article is exclusively contributed by Jian Crypto (follow the official account: Jian Crypto) and represents personal views. Due to the timing of the article's release, the above views or suggestions may not be timely and are for reference only; risks are borne by the reader. Trade with reasonable position control, and avoid heavy or full positions. Developing good investment habits is essential for a positive cycle!

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