Bitcoin rebounded to around 89,000 during yesterday's trading session but faced selling pressure, subsequently nearly erasing the intraday gains during the U.S. trading hours. Early this morning, Bitcoin's price dipped to around 87,500 before rebounding again, and it has now returned above 89,000, recovering the previous losses, indicating a recovery in market sentiment. Ethereum's movement was similar to Bitcoin's, successfully breaking through the 3,000 USD mark after the early morning rebound, and it is currently consolidating around that level, demonstrating the short-term market's ability to recover.

From the perspective of market sentiment, net funds for spot ETFs have shifted from outflows to inflows, providing support for the crypto market. Meanwhile, Trump's remarks have once again influenced the market; he stated that he is "not worried at all" about the weakening dollar, which led to a significant drop in the dollar and further drove funds into the crypto market. Overall, the upward momentum in the cryptocurrency market is gradually recovering, and prices are rising accordingly.

Macroeconomic Analysis: Weak Dollar and Fund Inflows into the Crypto Market

Macroeconomic factors continue to have a strong impact on gold prices and the cryptocurrency market. Trump's comments about the weakening dollar have intensified market concerns about the dollar's outlook, while also directing funds towards risk assets, including cryptocurrencies. With the net inflow of spot ETF funds, market confidence in cryptocurrencies has been boosted, providing upward momentum for Bitcoin and Ethereum.

Additionally, in the current economic environment, investors are highly attentive to future market uncertainties, and the trend of funds flowing into the cryptocurrency market may continue, especially in a context of sluggish global economic growth and low interest rates, enhancing the appeal of safe-haven assets like gold and cryptocurrencies.

Technical Analysis: Short-term Rebound Faces Pressure

From a technical perspective, Bitcoin and Ethereum are still in a phase of consolidation, with prices maintaining near the lower boundary of the daily chart, but both are supported and have rebounded. Specifically, the MACD bearish volume for Bitcoin and Ethereum has decreased, indicating that recent downward pressure has eased, and the rebound momentum is gradually recovering.

However, the rebound momentum in the short term is not strong, mainly reflected in the following technical indicators:

• The MACD bullish volume on the four-hour chart shows that the rebound has some momentum support, but when the price approaches the upper boundary of the four-hour chart, it may face pressure in the short term;

• The RSI indicator has entered the overbought zone, suggesting that the price may face a technical correction in the short term, and attention should be paid to the strength of the correction;

• The key resistance level for Bitcoin is at the 90,000 mark, which is a previous support area that has turned into a pressure zone. If the price breaks through this area with volume, it may challenge the 91,000 resistance level again, but it remains a resistance;

• Support levels below: short-term support is at the four-hour midline near 88,000 and the 87,500 area. These two positions are key defense lines after a price correction; if broken, it will test the previous low of 86,000 again.

• On the hourly chart, the RSI indicator shows signs of flattening and turning down in the overbought zone, and the MACD is also decreasing, indicating that the short-term price rebound momentum is weakening.

  

Ethereum's technical performance is similar to Bitcoin's, with current short-term resistance at the 3,050 and 3,100 areas, while the support level below has risen to the 2,900–2,870 area. These ranges will be the price fluctuation areas the market may face next.

Key Focus: Attention to Correction Repair and the Impact of the Federal Reserve's Decision

As the current rebound is still in the repair phase, everyone should remain cautious in their operations and pay attention to the confirmation of support after the correction repair. If the rebound fails to break through the key pressure zones of 90,000 and 3,050, the price may face another short-term correction, further testing the support areas around 87,500 and 2,870.

• For Bitcoin, short-term support is focused on the 88,000–87,500 area. If the price falls back to this level and stabilizes, it may continue to rebound;

• For Ethereum, short-term support is focused on the 2,900–2,870 area. If the price cannot stabilize in this range, it may continue to pull back.

Additionally, the Federal Reserve's interest rate decision early tomorrow morning will be the market's focus. It is expected that the Federal Reserve will likely keep interest rates unchanged. Although the market generally expects that the interest rate decision will not have a dramatic impact on prices, the Fed's wording and statements may still trigger market volatility, especially regarding the dollar's impact, which in turn indirectly affects the cryptocurrency market.

Overall, the rebound of Bitcoin and Ethereum is still ongoing, but in the short term, it will face tests at key resistance levels. Operations should closely monitor the support areas after corrections, avoiding blind chasing at high levels, and waiting for the market to further confirm the sustainability of the rebound. Considering the potential impact of the Federal Reserve's interest rate decision, everyone should flexibly adjust their strategies and maintain cautious operations.

This article is exclusively contributed by Jane Crypto (follow the official account: Jane Crypto) and represents personal views only. Due to the timing of the article's release, the above views or suggestions may not be timely and are for reference only. For more real-time guidance, please contact me!

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