Prices oscillated high and then fell back, with weak rebounds and continuous new lows, causing the market to fall into a weak stalemate! Various factors are coming one after another, multiple key data releases are imminent, Bitcoin and Ethereum's critical support levels are in danger, and the next trend is whether to halt the decline and consolidate or to continue weakening directly?

These past two days, Bitcoin has been in a high-level oscillation and decline pattern, with the overall trend gradually moving downward. After a slight dip in price early this morning, it has been hovering at a low level, with the 79,600-79,800 range becoming a short-term resistance, and the price has never managed to firmly break above it. Most candlesticks are small weak bearish lines, and trading volume has not increased, making it difficult to mount a rebound.

Currently, Bitcoin is approaching recent lows, with short-term oversold conditions, but the overall trend remains weak, and both bulls and bears are hesitant. Moreover, high inflation, no hope of rate cuts and possibly even rate hikes, a strong US dollar, India’s tax hikes suppress demand, and stock market fund outflows—all these factors are suppressing cryptocurrencies, making it hard to rally. In the coming days, the US-China top-level talks, inflation data, and Fed Chair Powell’s speeches will directly influence the market trend.

Bitcoin has now not only broken through the triangle consolidation pattern but also failed to hold the key support at 80,350, dropping directly to 78,700 to hit a new low. Additionally, each rebound fails to break new highs, and the pullbacks are getting lower each time, clearly indicating a weak market.

$BTC Currently, Bitcoin is consolidating after the decline, and it still needs to choose a direction. The current rebound to around 79,480 is critical: if it can hold above 79,480, the decline will be temporarily halted; if it cannot, it will fall back to 78,700. Holding above 78,700 would mean range-bound oscillation; if broken, the short-term upward trend will be completely over, and a sharp decline will follow. To resume upward movement, it must regain above 80,350; otherwise, all efforts are in vain.

$ETH Ethereum is even weaker, having just risen above 2,300 but then falling back below, with the 2,250 support also broken, creating a new low. Holding above 2,250 is not a big problem, but if it falls below, it could drop all the way to 2,200. To rebound, it must break through 2,270; if it cannot, small rebounds are futile.