The bearish atmosphere in the cryptocurrency market continues to ferment, with Bitcoin and Ethereum's attempts to rebound repeatedly failing, leading prices to enter a weak downward mode once again. The persistent decline has further dampened market sentiment. As of this morning, both major cryptocurrencies have refreshed their recent lows, continuing the bearish pattern.

Yesterday, Bitcoin saw a slight rebound during the day, but the bullish momentum was extremely weak. After the price climbed to around 77,000, it encountered strong resistance and could not break through further. Entering last night, the market turned downward again, erasing all intraday gains, and the downward trend continues to spread. This morning, the price continued to weaken, having lost the 72,000 mark and is now operating weakly below it. Ethereum's performance has been even more dismal, with almost no significant rebound throughout. After a brief rise to around 2,300 yesterday, it quickly faced pressure and fell, currently dropping to around 2,100, with bears completely dominating.

The ongoing decline in cryptocurrencies is primarily due to a combination of macroeconomic negative factors and weak technical resonance. Last night's ADP non-farm data was below expectations, indicating that the cooling trend in the U.S. job market continues. As a result, U.S. stocks weakened, and cryptocurrencies, as risk assets, also faced pressure. Additionally, the uncertainty surrounding Federal Reserve policies continues to loom over the market, with hawkish expectations keeping investors highly cautious. Net outflows from cryptocurrency ETFs are evident, further exacerbating the downward trend. From a technical perspective, although there have been sporadic recovery actions in the market, the overall bearish pattern has not changed, and without funding support, prices can only continue to decline.

In the short term, whether the market can stop falling depends on the defense of key support levels for the two major cryptocurrencies, and attention should be paid to the strength of the decline during the day. For Bitcoin, short-term resistance is focused on the 73,500-74,000 area, which is the key position where it faced pressure and retreated yesterday. If it cannot break through, the previous rebound space will be limited. The support below is focused on the 71,000 mark and the 70,000 round number. If these are lost consecutively, the price will likely continue to test new lows.

For Ethereum, short-term resistance is also at the previously pressured 2,250-2,300 area. If bulls cannot reclaim this range, there will be no basis for a rebound. The short-term support below is focused on the 2,050-2,000 area, which is an important support range recently. If it holds, there may be a brief stabilization; if lost, it will further exacerbate the downward trend.

Overall, the current negative factors in the cryptocurrency market have not dissipated, and bears hold an absolute advantage. It is essential to remain extremely cautious in operations and avoid blindly bottom-fishing for rebounds. Focus on the strength of the decline and the gains and losses of key support levels during the day, and patiently wait for clear stabilization signals in the market before considering subsequent operations to avoid risks from the persistent decline.

This article is exclusively contributed by Jian Crypto (follow the official account: Jian 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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