U.S. initial jobless claims data underperformed expectations, but employment resilience continues to be evident. Coupled with hawkish statements from Federal Reserve officials, market risk appetite has been dampened. Bitcoin has fallen from the high of 98,000 back to around 95,100, and Ethereum also failed to hold its ground, dropping to 3,280 before giving back all gains in the US session.

From a technical perspective, the bullish streak on Bitcoin's daily chart has been broken, with a bearish candle forming, which is a good sign of a potential top. The four-hour MACD has crossed to the downside with increased volume, and the RSI has fallen from overbought territory. In simple terms, this is a technical correction or pullback. The current price is supported near the midline of the four-hour chart, and selling pressure on the hourly chart is easing, possibly leading to a short-term rebound before continuing lower.

In terms of trading strategy, watch the resistance zone around 96,300-97,000. A breakout above this could signal a move higher. The first support is at 94,800; if this level is broken, then the key zone to watch is 94,000-93,000. The key question is whether 94,800 can hold. Holding it would mean the rebound still has a chance, but a breakdown would signal the end of this rally, returning to a weak and volatile state.