The Bank of England has cut interest rates by 25 basis points, lowering the benchmark rate from 4.75% to 4.5%, in line with market expectations.

This is the third rate cut in the current easing cycle, with traders increasing bets on the Bank of England loosening its policy, expecting three more rate cuts in 2025.

For the U.S., the temporary news suggests two possible cuts in the second half of the year. As for whether there will be a rate hike in between, it is uncertain and will depend on future developments. If a rate hike occurs during the rate cut cycle, it could have a significant financial impact, especially if inflation resurges.

Bitcoin touched around 96,100 again in the morning, receiving support and rebounding, but in the evening, it peaked at 99,093 before retreating. At 9:30, the unemployment claims were announced at 21.9, which was positive, but the market continued to pull back.

Ethereum did not follow the decline last night and remained in the 2,600—2,800 range, forming a converging triangle at a smaller scale, awaiting a directional choice.

Bitcoin

The weekly MACD for Bitcoin is crossing the zero axis. If the upcoming rebound cannot hold above 102,454, further declines cannot be ruled out.

The daily chart maintains a downward channel, and the 4-hour rebound has not effectively broken through 99,100. In the short term, further fluctuations are expected. Although it rebounded after touching around 96,100 in the morning, it did not provide the second probing rebound we mentioned, indicating weak momentum. The hourly converging triangle breakout will determine if it can continue to rebound after a pullback.

Support: Resistance:

Ethereum

In the short term, Ethereum did not decline much during the day and remained in a narrow range, but started to catch up with the decline in the evening. The daily chart still closes within a descending wedge, and the MACD has been in a state of bottom divergence. A clear second probing rebound is still needed for stronger momentum; prolonged stagnation here is not beneficial for the future market.

The hourly level shows a converging triangle, and if it breaks down, further declines are expected.

Support: Resistance:

The ETH/BTC exchange rate has already fallen to the bottom range of late 2019. Even if it is not the bottom temporarily, further declines are likely to lead to a rebound; otherwise, it has been in a continuous downtrend for three years, and there will be no opportunities left.

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This article is time-sensitive and for reference only, with real-time updates.

Focusing on candlestick technical research, we aim to win global investment opportunities. Public account: Trading Prince Fusu

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