Bitcoin experienced a significant drop yesterday, with the price briefly falling to the $60,000 mark before quickly rebounding. Throughout the day, the price began to gradually recover and continued into this morning, peaking around $71,800. However, this afternoon, market sentiment was once again suppressed, and the Bitcoin price fell back to around $67,400 in a short period, but then saw a slight rebound, currently fluctuating around $70,000.

Ethereum's performance was similar, also experiencing a rebound recovery yesterday, with a peak of $2,120 this morning. However, the intraday fluctuations today were quite large, with the price oscillating between $2,100 and $2,000, and the rebound momentum did not continue. It remains to be seen whether effective support can be formed to enable further upward movement.

Macroeconomic Analysis: Weakness in U.S. Stocks and Uncertainty in Federal Reserve Policy

From a macro perspective, the recent weakness in U.S. stocks has had a significant ripple effect on the cryptocurrency market. In the context of declining U.S. stocks, cryptocurrencies like Bitcoin and Ethereum are facing considerable selling pressure, leading to price corrections and entering a phase of consolidation. The uncertainty surrounding Federal Reserve policy and weak economic data has made market sentiment in the cryptocurrency space more cautious, with institutions likely leaning towards a wait-and-see approach in the short term.

The instability of the Federal Reserve is also a major focus of the market. Although the Federal Reserve has recently kept interest rates unchanged, expectations regarding its future monetary policy remain unclear, especially in light of the new chair's uncertain policy stance and expectations of monetary tightening. This has led to a cautious attitude towards risk assets. A stronger dollar has put pressure on the rise of Bitcoin and Ethereum.

Technical Analysis: Rebound Recovery, but Bearish Momentum Not Fully Disappeared

From a technical perspective, both Bitcoin and Ethereum have shown signs of oversold recovery after several days of decline. The daily chart indicates that while there has been a rebound recovery, bearish momentum remains strong. The RSI indicator, although showing signs of turning in the oversold zone, indicates that selling pressure has eased somewhat, but the MACD still maintains bearish volume, suggesting that the current downward pressure in the market has not been completely eliminated.

Bitcoin is currently consolidating around $70,000, and competition in this area will be intense. The MACD on the four-hour chart has shifted from bearish to bullish, indicating a demand for a rebound in the short term. The short-term support for the price is in the $67,000-$66,000 range; if it falls below this range, it may further decline to $63,000. The short-term resistance above is at $72,000, and if this resistance is broken, the price may continue to test the target area of $75,000.

Ethereum is similar to Bitcoin, with the daily MACD for Ethereum also showing a weakening of bearish momentum, and the bullish volume on the four-hour MACD indicates potential for a rebound in the short term. Short-term support is at $2,000 and $1,950; if the price can hold steady in this range, it is expected to continue rebounding to test the resistance at $2,150 and $2,200.

Short-term Market Outlook: Rebound After Consolidation, Still Need to Be Cautious

Currently, the short-term trend for Bitcoin and Ethereum shows a rebound recovery after a decline, with the market still in a phase of technical recovery. Although there has been a rebound in price, bearish momentum has not completely dissipated, and market sentiment remains influenced by macro news. The uncertainty surrounding the Federal Reserve and changes in the U.S.-Iran situation continue to exert some pressure on the market.

In the coming days, Bitcoin and Ethereum are expected to continue rebounding and consolidating. Attention should be paid to the performance of short-term support and resistance levels. If the price can break through the upper resistance, a new round of increases may be on the horizon; if it fails to break through, the market may enter a weak correction phase again.

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