#Gate广场创作者新春激励 Bitcoin 87,000+ and Ethereum 2,870+ rebound! Can this correction stabilize?

Technical analysis breakdown: Short-term rebound needs, but the overall trend remains bearish
From a technical perspective, Bitcoin and Ethereum show similarities as well as detailed differences. On the daily chart, both prices have pushed the lower Bollinger Band downward, indicating a strong downward momentum; moreover, the MACD indicator has been signaling bearishness, maintaining a predominantly bearish outlook. Looking at the four-hour chart, the Bollinger Bands have been narrowing, indicating the market is in a range-bound consolidation phase. Last night’s decline directly broke this balance, with the Bollinger Bands opening downward, establishing a short-term downtrend. However, some positive signals have appeared on the hourly chart: after the decline, the RSI entered oversold territory and is gradually turning upward, while the MACD is shrinking, suggesting short-term downward momentum is exhausted and a technical rebound correction is needed. Focus should be on the rebound strength and performance at resistance levels during the day, with specific key support and resistance points for the two major coins for further judgment:
For Bitcoin, the short-term resistance is mainly in the 88,000 to 89,000 range, which was the core area of last week’s consolidation. Once broken, it has turned into a resistance level. If successfully reclaimed, the price is likely to return to last week’s consolidation range, and may even test the 90,000 level. On the support side, the key focus is on 86,000, which is the recent low in the early morning. If this level is lost, the decline could further expand, with the next support around 84,000.
Ethereum’s short-term resistance is concentrated in the 2900-2930 range, which was previously the lower boundary of the sideways consolidation. Once broken, it naturally becomes a strong resistance level. On the support side, the focus is on the 2800-2750 area, which corresponds to the low point in November last year and has strong support validity. If this support is lost, market selling sentiment may spread again, and the price could further decline to 2400 or lower.
Intraday summary: Rebound correction dominates, US market influence is key
Overall, the market today will mainly be driven by rebound corrections. The current major trend remains bearish, and this rebound is mostly a short-term technical correction. Since the cryptocurrency market often follows the US market rhythm, the trend after the US market opens tonight will directly influence the subsequent market direction, so close attention should be paid to its fluctuations.