3-6 Bitcoin, Ethereum midday analysis Continue to maintain a bearish outlook

The geopolitical situation in the Middle East has temporarily eased, with limited short-term impact on the crypto market. We should continue to closely monitor the development of the situation. Today’s market focus is on the evening’s non-farm payroll data. This week’s ADP and initial jobless claims data are all somewhat bearish, indicating that the non-farm payroll report tonight is likely to be better than expected. This will directly lead to the Fed’s rate cut expectations in March being reset to zero, and cooling expectations for June rate cuts, thereby strengthening the dollar and pushing up U.S. Treasury yields. Funds may flow out of risk assets like BTC.

From the chart perspective, Bitcoin rebounded from 63,000 to 74,000 but then faced resistance and pulled back. Yesterday closed with a long upper shadow candlestick, breaking below the short-term 5-day moving average. The high-level consolidation and correction pattern is clear, with bullish momentum continuously waning, entering a high-level adjustment cycle. The 4-hour chart shows repeated resistance during rebounds at high levels, with bears temporarily dominating; the 1-hour chart fluctuates around 71,000, with candlesticks alternating between bullish and bearish, consolidating and waiting for a direction. For trading, it’s prudent to focus on short positions at higher levels.

Trading Suggestions

Bitcoin 70,800-71,200 sell in batches, target 68,000-69,000, break below near 67,500

Ethereum 2,080-2,100 sell in batches, target 1,930-1,980