Bitcoin rose from below $64,000 this morning to a peak of $66,306, while Ethereum recovered the $1,900 mark, reaching a high of $1,926.
Analysis of the rebound reasons:
1. Technical buying support: Bitcoin has tested the $63,000-$64,000 range multiple times without effectively breaking down, forming a short-term bottom structure, and the rebound accompanied by increased trading volume indicates that funds are entering the market; Ethereum successfully held the key support at $1,840.
2. External market assistance: The US tech stocks rebounded (NASDAQ rose 1.1%), and Asian stock markets fully warmed up, driving funds from safe-haven assets back to risk markets. The market expects an increased possibility of the Federal Reserve cutting interest rates in April, which also provides liquidity support.
3. Institutional and whale movements: The supply of long-term holders is increasing, indicating that seasoned investors are buying on dips; spot ETF inflows have returned to a positive trajectory, strengthening market confidence.
Resistance level and target price:
· Bitcoin: Short-term attention must be paid to whether the resistance level of $66,500 can be broken; if it can stabilize above $65,000, the next target will test the range of $68,000 to $70,000. Support levels below are at $64,000 and the $62,000-$63,000 area.
· Ethereum: The primary goal is to stabilize at $1,900 and challenge the $2,000 round number; if the bulls continue, the next resistance range looks at $2,070 to $2,150.
Current market sentiment is cautiously optimistic, and this week's Nvidia earnings report will be a key variable, potentially influencing the subsequent trend of cryptocurrencies through its correlation with tech stocks.
