Crypto Market Enters Choppy Rebound Phase
The cryptocurrency market is in a choppy rebound phase after a previous surge and pullback. In this evening market outlook, we'll take a closer look at Bitcoin (BTC) and Ethereum (ETH) on their 1-hour charts.
On the ETH chart, the price faced resistance at $2,547.47 before rebounding upwards. The MACD lines are still in a bullish stance, with red bars slightly expanding. However, the volume has increased compared to the surge phase, but there hasn't been a strong one-sided rally, indicating it's still a range-bound trading situation.
The Bollinger Bands on the 1-hour chart for both BTC and ETH are converging, suggesting a potential breakout or breakdown soon. The current resistance ranges for ETH are $2,525-$2,547, while the support range is $2,450-$2,470. For BTC, the resistance range is $80,100-$81,200, and the support range is $77,900-$78,300.
According to the analysis, buying support has emerged below after the market correction, with short-term short positions realizing profits. The proportion of bullish positions on chain has rebounded slightly, driven primarily by technicals rather than external macro news.