#加密市场小幅下跌 Bitcoin and Ethereum surge then pull back! How far will this correction go?

Since last night, Bitcoin and Ethereum have been on a roller coaster. Many people must be sweating bullets~
First, look at Bitcoin. In the early hours, it surged to $74,000, approaching a new high, but then it turned around and dropped, with a low of around $71,600. From the high on March 5th to now, the overall trend has been a rise followed by a pullback. It’s currently hovering around $71,000 with no clear direction.
Ethereum isn’t doing much better. On March 5th, it finally hit $2,200. Many traders took profits quickly, causing the price to crash down. Now it’s fluctuating around $2,080, showing typical “rise then fall, high-level consolidation,” with no standout performance.
1. Key signals behind the market, don’t ignore them
After this rebound, the price just reached the upper end of the past month’s consolidation range. Basically, buyers and sellers are fighting, neither side gaining the upper hand.
Technically, Ethereum is weaker than Bitcoin: the price has been gradually declining, with decreasing trading volume. It’s clear that buying momentum is waning, and the bulls are losing strength. Looking at technical indicators, the short-term moving averages have turned downward, and the MACD has shown a death cross. These are signals for further correction, and the upcoming resistance is quite significant.
Additionally, a crucial reminder: tonight’s non-farm payroll data must be watched closely! The crypto market is very sensitive. Good or bad non-farm data will directly impact market liquidity expectations, which in turn will influence Bitcoin and Ethereum’s price movements. Don’t take this lightly.
Short-term support and resistance
Based on the current market, here are the key support and resistance levels to watch:
For Bitcoin, the critical support is at $70,900. If it breaks below this, it’s likely to test $69,500.
Short-term resistance is at $72,000. If it can break through and hold above this level, there’s a chance for further gains. The strong resistance zone is between $73,500 and $74,500, which was previously tested.
For Ethereum, the current support is at $2,050. If it falls below this, the next support is at $2,020.
Short-term resistance is at $2,100, with strong resistance between $2,160 and $2,180. Pay special attention to whether it can hold above $2,070.
Another small reminder: Bitcoin needs to stay above $69,000–$70,000, and Ethereum must hold above $2,000 for the potential to continue strengthening.
Currently, both Bitcoin and Ethereum are in consolidation. The previous upward momentum has faded, and the correction pressure remains. Whether they can stabilize in the short term depends on two factors: whether key support levels hold and tonight’s non-farm payroll data. If support levels are maintained, the market will likely oscillate within the range. If not, further declines are probable. Going forward, pay attention to whether resistance levels can be broken and macroeconomic data changes. Don’t follow the trend blindly in trading—being cautious is always wise.