2.2 Monday Midday Market Analysis

Bitcoin tested a bottom at 74,000 this morning and then slightly rebounded. Currently, it is oscillating around 74,700, with a short-term continuation of a weak trend. The tightening expectations triggered by the new Federal Reserve chair nomination are still suppressing risk assets. Coupled with the emotional contagion from the big crash of the market, risk aversion sentiment has not fully dissipated, and Bitcoin buying pressure remains weak.
From a technical perspective, the weak market structure has basically been established. Regarding BTC, the MACD and RSI indicators are weakening simultaneously, with bearish momentum continuing to be released, indicating a strong trend continuation. Short-term support focuses on the 75,000-76,000 range. If this level is broken, the price may further decline to the key 70,000 level. For ETH, the price has broken below the previous support zone of 2,550-2,600, and RSI has entered the weak zone. If it cannot hold the critical support at 2,350-2,400, the bearish trend will be further reinforced. Overall, the market short- to medium-term outlook is bearish. Until key resistance levels are effectively reclaimed and stabilized, all rebounds should be viewed as opportunities to short rather than trend reversal signals.
Trading Suggestions:
BTC Trading Advice: Short near 76,000, target 74,500-73,200, stop loss 77,000. Consider going long if a quick dip near 74,000 occurs.
ETH Trading Advice: Short near 2,300, target 2,200-2,150, stop loss 2,350. Consider going long if a quick dip below 2,200 occurs.