01/25/09 BTC downward pin at 92,500 rebounds, Ethereum dropped to a low of 3,208; how much upward pressure is there?
Trump is considering declaring a national economic emergency, which would provide a legal basis for imposing large universal tariffs on allies and adversaries. People may fall into a Great Depression like in 1929, which would be catastrophic, and the market has sharply declined due to this news.
The US Bitcoin spot ETF saw a net outflow of $569 million yesterday, and the US Ethereum spot ETF had a net outflow of $159 million. This morning, the US Department of Justice was authorized to sell $6.5 billion worth of Bitcoin seized from Silk Road assets.
In the past 48 hours, 380,000 people have been liquidated, with over $1 billion in liquidation amounts. At the time of writing, the market's lowest pin is at 92,500, rebounding to around 94,700. There is short-term support, but the rebound strength is weak.
Bitcoin
From the highest point, it plummeted 10,000 points to a low of 92,500, which is 1,000 points away from the previous 91,500; it is still in a downward B wave. The short-term outlook on the 4-hour chart shows resistance for a rebound at 97,600—98,600. If the rebound fails to reclaim these key pressures, it cannot be ruled out that it will test the support at 91,500 again, with a risk of breaking below.
The daily chart previously indicated a rising channel; the price rebounded three times to 100,000 and 102,000 but failed to effectively stay above the channel. Since this pullback, it has been testing the Fibonacci 0.382 level; attention needs to be paid to this line. If it holds, it will continue to oscillate and test; if it breaks, it will test 0.5 or even 0.618 (87,594—82,694).
Support:
Pressure:
Ethereum
In the last two days, it has fallen 536 points, a drop of 14.33%, with the lowest pin at 3,208 and currently around 3,330 at the time of writing. If the weekly chart shows a engulfing pattern, it could be troublesome next week. It has been mentioned before that the weekly chart does not rule out replicating a drop below 2,800 from the previous trend.
The daily chart has fallen back into the range of 3,200—3,555, looking at the choice of direction for future fluctuations. If Bitcoin falls below 91,500, Ethereum will also drop along with it.
Support:
Pressure:
SOL
After breaking the rising channel, if it continues to fall back, it will need to test the support at 175—180.
DOGE
After breaking through the Fibonacci 0.382 level, it continues to fall and test the 0.382 line, waiting for an opportunity to build positions on the right side.
XRP
The daily chart is still within a descending channel and is relatively resilient, with hardly any pullback. In the future, the focus will be on catching up.
