Bitcoin and Ethereum prices experienced a "roller coaster" decline, and the reason is actually due to Federal Reserve's Waller advocating for moderate interest rate cuts!
Last night, Federal Reserve Chairman candidate Waller stated that the current job market is "very weak," and job growth is "not optimistic," indicating that the Fed still has room to cut interest rates. He supports further rate cuts to bring the central bank's interest rate setting back to a neutral level, which reinforced expectations for rate cuts and led to a surge in cryptocurrencies. Bitcoin briefly rose to around 90,300, and Ethereum also rebounded to around 3,030. However, he later emphasized that there is no need for drastic actions and that rate cuts can continue at a moderate pace. This "moderate rate cut" stance is clearly below some market expectations for "faster and larger rate cuts," leading to a "buy the expectation, sell the fact" phenomenon. Bitcoin quickly fell back from around 90,350, expanding its decline to a low of 85,300 in the early morning, while Ethereum also retraced its intraday gains to a low of around 2,790.
Currently, Bitcoin's price is around 86,000, technically constrained by the mid-line resistance and lower-line support on the daily chart, with the range narrowing. The death cross of the daily and four-hour moving averages continues to exert strong pressure, while the hourly MACD indicator shows a decrease in volume, indicating a demand for a rebound. However, the momentum of the rebound is weak, and it is expected that after a rebound correction, the price will continue to oscillate weakly. For the day, we first look at the strength of the rebound, with short-term resistance at the four-hour mid-line of 87,500 and the upper line of 89,000. Of course, the 90,000 level remains a strong resistance area. The short-term support below is temporarily focused on the low point of 85,000, which is not solid. If it continues to decline with increased volume, we will see the 84,000 area.
Ethereum is currently hovering around 2,820. After losing the 3,000 level, the pressure at this level has become evident. The current price on the daily chart is also running between the mid-line and lower-line, with moving averages forming a death cross that creates strong resistance. The MACD bears are starting to show weak volume, indicating that the downtrend may continue. However, the hourly MACD shows weak volume reduction, and the RSI is in the oversold area, suggesting a short-term price rebound for correction. For the day, the upper resistance is temporarily focused on 2,900 and 3,000, while short-term support remains at 2,780 and the previous low of 2,700.
Today, we will first look at the rebound correction situation during the day, and in the evening, we need to pay close attention to the European Central Bank's interest rate decision, the U.S. CPI, and initial jobless claims data!
BTC Short-term
Support: 85,000, 84,000
Resistance: 87,500, 89,000, 90,000
ETH Short-term
Support: 2,780, 2,700
Resistance: 2,900, 3,000
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