January 4th, Bitcoin and Ethereum Market Analysis

Bitcoin rapidly surged from 89261 to 91586 within one hour, recording consecutive bullish candles with a short-term increase of over 2.6%. The bullish momentum was quickly released during the rapid rise, and the technical indicators showed a clear overbought condition, indicating a need for a correction.

After spiking to 91586, the price quickly fell back to 91188, forming a strong resistance zone between 91500-91600. The bulls failed to break through effectively, instead showing a pullback after the surge, which indicates that the selling pressure at this level has significantly increased and upward movement faces clear resistance.

Meanwhile, the current price's deviation from the MA7 and MA30 moving averages has widened significantly, suggesting a technical correction back toward the moving averages. The price is likely to decline.

If the large bullish candle at the close lacks sustained volume, a "rising price with decreasing volume" divergence will form, further confirming that bullish momentum is waning and becoming a key condition to trigger a bearish trend.

Bitcoin Trading Suggestion: Short near 91800-92500 after a rebound, with targets around 90400-88500.

Ethereum Trading Suggestion: Short near 3190-3250 after a rebound, with targets around 3080-2900. #CryptoMarketForecast