Sorry, everyone! I really haven't been slacking off during these days of no updates; it's purely that I was delayed by various trivial matters on the way home, and I didn't even have time to open the market software. As soon as I logged in today, I rushed to chat with you all.
After the sharp decline of Bitcoin and Ethereum, resilience is at an all-time high, but panic hasn't subsided.
Actually, the market trends these past few days can be summarized in one word: grinding! Last Friday, Bitcoin plummeted to $60,000, and I'm sure many people, like me, felt their hearts almost jump out, right?
I originally thought it would crash, but it started to rebound early Saturday morning. I have to say, Bitcoin's resilience is really strong, but the panic from the drop isn't something that can dissipate quickly.
On Saturday afternoon, something happened again, directly plunging to around $67,300. Fortunately, the major threshold of $60,000 held; otherwise, I would have really lost my mind.
On Sunday, I quietly stayed between $69,000 and $70,000, fluctuating.
On Monday morning, I barely reached $72,200, and I thought it would stabilize and rise, but the next second I was knocked back to reality, dropping to around $68,300. This small plunge really confused me.
On Tuesday, I managed to rebound above $71,000, but before I could celebrate for a day, I fell back to $67,800 last night, only to recover to around $70,000 early in the morning, and now it’s fluctuating around $66,700 again.
Ethereum isn't doing much better, it's like a difficult brother to Bitcoin. In recent days, it has repeatedly touched $2,120 and $2,150 but just can't hold on.
This afternoon, it swung between $2,000 and $2,040, and now it has dropped to around $1,950. This kind of trend is really hard to watch, who understands it!
International news linkage! These messages are quietly affecting the cryptocurrency market.
In fact, today's fluctuations in the cryptocurrency market are quite related to international news.
Speaking of today’s latest news, the US dollar index fell slightly by 0.02%. I originally thought it would give the cryptocurrency market some breathing room, but after the dollar stabilized a bit at noon, Bitcoin fell along with it. This shows how strong the correlation is between the dollar and the cryptocurrency market.
Additionally, Federal Reserve officials also made statements today, indicating that interest rates may remain high for a long time. The probability of maintaining interest rates unchanged in March has risen to 80.4%. This is not good news for the cryptocurrency market, as tightening liquidity makes it difficult for coin prices to rise.
Also, the CryptoG group recently sold 30,000 Bitcoins, which is quietly affecting market sentiment.
Key reference! Breakdown of support and resistance prices for Bitcoin and Ethereum.
Speaking of this, everyone is probably concerned about where the support and resistance for Bitcoin and Ethereum are right now? In fact, you can roughly guess by looking at the trends of the past few days.
The short-term support for Bitcoin is around $66,000, and below that is the key range of $60,000-$65,000, as this is the area of cost concentration for long-term holders.
As for resistance, in the short term, it's around $72,000. It has not stabilized during previous highs, indicating significant pressure.
The short-term support for Ethereum is between $1,900 and $1,950, while resistance is still around the previously touched heights of $2,120-$2,150 that it couldn't hold onto.
Ultimate expectation! Can tonight's non-farm data save the cryptocurrency market?
The US January unemployment rate and non-farm employment data at 9:30 PM tonight might give some direction to the cryptocurrency market. I wonder if everyone has expectations for this data? Let's discuss your views in the comments!
—— Thank you for your attention and reading —-
BTC65,506-2.72%
ETH1,920.66-1.19%
BNB607.18-0.00%