1.31

Today is the last day of the month. Yesterday, Trump nominated Kevin. Waugh as the Federal Reserve Chair. This chair has relevant investment experience in cryptocurrencies, but he is a staunch inflation controller. Currently, with the rise in commodities, controlling inflation is almost impossible, so the path to interest rate cuts in the future will become less easy. As long as he obediently follows Trump’s instructions, it will be fine! Several important events this week have basically been settled. The only thing left is a shutdown. Based on the available information, a government shutdown in the US next Monday is highly likely. However, this shutdown is expected to last shorter than the last one because the Senate is pushing forward an agreement that includes a short-term continuing resolution and multiple full-year funding bills. The House is currently in recess and will not vote until next Monday. So even if there is a shutdown this time, its impact on the market will not be significant.

BTC
Bitcoin’s support yesterday was at the 82,300 level, which was tested repeatedly, followed by a rebound. Currently, the upward rebound momentum is limited, including the current market weakness. The daily chart closed with a doji candlestick. Next, we need to watch whether the daily level can continue to form a double bottom between 82,300 and 86,400, which would give a chance for a reversal. At the same time, we should pay attention to whether the smaller timeframes can break above the zero line, which could drive a four-hour rebound. However, even if it rebounds, it may still go down afterward. Support is at 83,200-82,300, and resistance is at 84,700-86,400.

ETH
Ethereum’s recent movement has been weak. At this level, patience is needed to wait for its consolidation. Also, focus on the one-hour small timeframe for a rebound. After the rebound, it may continue to go down again. Support is at 2,680-2,565, and resistance is at 2,750-2,800.