From yesterday to today, the cryptocurrency market has shown a weak oscillation pattern overall, with the volatility continuing to narrow. Bitcoin surged to around the 90400 mark during the day before quickly retreating, with the evening drop further expanding, reaching a low of 86760. Subsequently, during the U.S. trading session and early this morning, it entered a sideways consolidation in the 87000–88000 range, and as of now, the volatility remains relatively calm. Ethereum's movement is highly synchronized with Bitcoin, rebounding to around 3060 during the day before turning downward, completely erasing the day's gains. In the evening and this morning, it has been oscillating in the 2900–2950 area, with overall trading activity being relatively low.

On the macro level, the current market lacks significant news stimuli. This price correction is mainly due to a technical adjustment triggered by the outflow of on-chain ETF funds, which is a normal digestion after recent high-level oscillations. From a technical perspective, the daily Bollinger Bands for Bitcoin and Ethereum remain flat but have shown obvious signs of narrowing, with the volatility range continuing to compress, indicating that the market is brewing a breakout. Attention should be paid to the direction of the breakout.

In terms of indicators, the four-hour and hourly RSI indicators for Bitcoin and Ethereum have been operating in the oversold area, indicating that the current price decline momentum is gradually weakening, and there is a short-term demand for a rebound. However, it should be noted that the bearish energy of the four-hour MACD indicator is still being released weakly, and no clear stop-loss signal has appeared; at the same time, the short-term moving averages on the daily and four-hour charts are above the price, forming multiple resistances, which also determines that the subsequent rebound space will be strictly limited.

In the short term, the market is likely to continue the weak oscillation pattern. For Bitcoin, the key short-term resistance to focus on during the day is the middle track of the four-hour Bollinger Bands at around 88000. If the rebound is strong, it may further test the upper track pressure at 89000; the support below should focus on the four-hour lower track in the 86500–86000 area, which serves as the lower edge of the recent oscillation range and has strong support validity. If it breaks down, it will exacerbate the depth of the correction, potentially testing the 85000–84000 area.

Ethereum's movement remains in sync with Bitcoin, declining again after yesterday's rebound, with insufficient short-term rebound momentum. The short-term resistance to focus on during the day is the 3000 mark, where some trapped positions and short-term profit-taking are concentrated, exerting relatively obvious pressure; the short-term support should focus on the 2900–2870 area, and attention should be paid to the correction strength in this range. If the support fails, it may further test the 2850 line.

As the New Year holiday approaches, market trading sentiment is likely to remain low, and trading volume may further shrink. In terms of operations, it is recommended to temporarily focus on the recent core oscillation range, responding with a range oscillation approach to avoid blindly chasing highs and lows; wait for clear breakout signals in the market before adjusting operational strategies accordingly. At the same time, closely monitor the on-chain fund flows and ETF fund changes, and be wary of sudden capital movements that may trigger market volatility.

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