Overnight Bitcoin continued to weaken after the CPI data was released, hitting a low of around 79,800 in the early morning to halt the decline and rebound, then entering a low-range consolidation. Currently, the price is around 80,600, with the daily decline narrowing but still exceeding 1,000 points. Ethereum also showed weakness, dropping to around 2,220 after being pressured at 2,340, and now consolidating around 2,285 at a low level. The overall bearish sentiment in the market has not yet fully dissipated.

Looking at the four-hour chart of Bitcoin, after the early morning dip to 79,800, it closed with two small bullish candles, rebounding and returning above the lower Bollinger Band. Currently, it is consolidating below the middle band at 81,000. On the naked candle chart, this rebound is not very strong; the three bullish candles are shrinking, indicating that the bulls are only making a weak correction, not actively counterattacking. The current 80,600 level coincides with the convergence of the MA7 and MA30, forming a short-term minor resistance. If it cannot break through, it remains weak and oscillating. On the one-hour chart, the high point of yesterday’s early morning rebound was around 81,900, where resistance was encountered, then it oscillated downward. Currently, the price is moving within a narrow range of 80,400-80,800, with the Bollinger Bands tightening and the MACD fast and slow lines below the zero line, indicating a need for a short-term directional choice. The support zone below is 79,800-80,000, the previous low from four hours ago, while the resistance at 81,000-81,200 is the hourly level of support and resistance. Within this range, expect consolidation; a breakout in either direction will determine the trend.

Bitcoin can be bought in the 80,000-80,400 range, with targets at 81,000-81,500. Ethereum can be bought in the 2,270-2,280 range, with targets at 2,300-2,330. #Gate广场五月交易分享 $BTC ‌$ETH ‌