Morning Cryptocurrency Market Analysis on Tuesday, April 29, 2025
1. Market Review: Bull-Bear Struggle, Intense Volatility
Yesterday, there was a fierce confrontation between bulls and bears in the market, with significant fluctuations. Bitcoin rose steadily after opening, with strong bullish momentum, reaching a high of 95,000. However, as the bears gradually gained strength, the price quickly retraced, dipping to a low of 93,000. During the late trading period, buying pressure increased, pushing Bitcoin back up to close above 94,000. From the hourly chart perspective, the trading volume during the decline gradually shrank, indicating a slowdown in downward momentum, and some candlestick patterns showed long lower shadows, suggesting that there is certain support below and a technical rebound is needed.
Ethereum's trend was basically in sync with Bitcoin, initially following market sentiment to rise to 1,800, then falling back under bearish pressure, hitting a low of 1,750, and closing around 1,770. On the daily chart, Ethereum faced significant resistance around 1,800, with multiple attempts to break through but failing effectively, indicating substantial pressure above. However, from a short-term indicator perspective, the RSI indicator rebounded after entering the oversold area, suggesting a need for a rebound correction in the short term.
Morning analysis as follows:
Bitcoin: Short at 95,000-95,500, target at 93,500
Ethereum: Short at 1,800-1,830, target at 1,700
