Last night, Bitcoin briefly touched around 75,600 to halt its decline, and maintained low-level oscillation throughout the second half of the night. Currently, it has slightly rebounded to around 76,500; overall, the downward momentum has been somewhat released, but no clear reversal pattern has appeared, mainly still in a weak correction phase.

Regarding Ethereum, the lowest point before the US market opened was 2,256, and it rebounded to 2,304 in the early morning, but the rebound was clearly weak, and it has not been able to effectively hold above 2,300, indicating insufficient capital support and continued weak oscillation in the zone.

From the market perspective, trading volume during the daytime remains sluggish, market participation is low, and short-term trading is likely to continue in a narrow range. In the hourly BTC chart, a short-term resistance has formed around 76,800, and with this round of pullback, the key resistance level has gradually shifted downward to around 77,200. The overall structure shows a oscillating downward trend.

On the macro level, tensions in the Strait of Hormuz are intensifying. If the situation continues to escalate, oil prices are likely to keep rising, and inflationary pressures will be hard to ease. Against this backdrop, expectations for liquidity tightening are strengthening, putting pressure on risk assets. Additionally, with the Federal Reserve’s monetary policy announcement approaching tomorrow, the market generally expects interest rates to remain unchanged, and short-term rate cut expectations have cooled, which will also exert some emotional pressure on the crypto market.

However, it is important to note that the market has already experienced a continuous correction, and some bearish sentiment has been released. If no new negative catalysts emerge, a technical rebound or even a short-term short squeeze cannot be ruled out. Therefore, it is not recommended to blindly chase short positions; a phased approach is more suitable.

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Trading Suggestions:

BTC:
At the current price around 76,500, consider a small short position. If it rebounds to the 77,000-77,200 zone, add to the short position in batches, targeting 75,500-75,000.
If there is an unexpected strong breakout above 77,200 and it stabilizes, be cautious with short positions to prevent the market from turning into a oscillating upward trend.

ETH:
At the current price around 2,290, consider a short position. If it rebounds above 2,320, add to the position in batches, targeting 2,250-2,230.
If it re-establishes above 2,320, the short-term weak structure may be broken, and a timely adjustment of strategy is needed.