Bitcoin surged then retreated to 95,000! Can the rebound continue?

Last night’s initial jobless claims data was below expectations, highlighting the resilience of the US labor market. Coupled with hawkish comments from Federal Reserve officials, easing expectations cooled down, putting pressure on the crypto market. Bitcoin retreated from the high of 98,000 to 95,100, Ethereum dipped to 3,280, erasing all gains before the US market opened.

From a technical perspective, Bitcoin’s daily chart ended with a bearish candle after a series of green candles, indicating an initial sign of a top; the four-hour MACD formed a death cross with increasing volume, and RSI is overbought and pulling back, which is a technical correction. The current price touches the four-hour midline support, and the hourly chart shows weakening downside momentum, possibly rebounding first before declining again.

Intraday trading: Resistance above at 96,300-97,000, support below at 94,800. If broken, the next key zone is 94,000-93,000. Holding above offers a rebound opportunity; breaking below ends this rebound and returns to weak consolidation. #BTC #ETH