Liang Qiu: The Logic Behind the Strong Rise of Bitcoin/Ethereum on December 4th
Bitcoin and Ethereum have both shown strong upward momentum in recent days, breaking through key resistance levels technically and supported by multiple positive news factors. However, they also face short-term pullback pressure. Here is a detailed market analysis: Bitcoin is currently priced around $93,500, having reached a high of $94,127 this morning, representing a 3.00% increase in the last 24 hours. This follows a strong rebound from the low of around $84,000 on December 1st, recovering a significant amount of lost ground in just a few days. Technically, the daily chart shows a strong upward trend, breaking through the strong resistance zone of $93,000 to $94,000 with increased volume. The RSI indicator has moved from oversold territory into overbought territory. The four-hour chart shows seven consecutive positive candles, testing the $94,200 resistance level, but a TD nine-turn signal has appeared, indicating a potential short-term technical pullback. Subsequent resistance levels are seen at $96,000 and $98,000, while support levels are around $92,000, $90,500, and $91,000. Positive Support: The daily MACD histogram continues to lengthen, and the continuous surge in price is accompanied by a significant increase in trading volume, clearly signaling the entry of new funds. Factors such as Vanguard Group's opening of cryptocurrency ETF trading and rising expectations of a Fed rate cut also provide financial support. Ethereum's performance is stronger than Bitcoin's, currently priced around 3190, with a daily increase of 6.82%, successfully breaking through the key resistance zone of 3100 to 3200 during the session. Previously, it formed a solid multiple bottom structure in the 2720 to 2850 area. Technically, the daily chart has broken away from the downward channel since last month, establishing a new upward trend. The MACD shows continuous volume increases, and the KDJ shows a golden cross expansion trend. However, there is also divergence in the technical picture, with some predicting an upward trend from an ascending triangle pattern, while others suggest a bearish flag pattern indicating risk. Subsequent resistance levels to watch are 3350-3400 and 3500, while support levels are 3100-3050 and 2950-3000.