3.11 Evening CPI Forecast

The current market is heavily influenced by the ongoing US-China conflict and the evening US CPI data, leading to increased volatility. Previously, expectations of a ceasefire and the Strait of Hormuz blockade causing inflation and rate cut expectations drove Bitcoin from 67,000 quickly rebound to 72,000; however, as the situation escalated again, the market retreated from high levels, and bullish momentum significantly weakened.

From a technical perspective, Bitcoin's rebound failed to break previous highs, indicating a short-term trend weakening. Resistance is at 74,000, support at 65,600, maintaining a range-bound pattern overall. Ethereum is weakening in tandem, with a weak rebound and no signs of catching up, reflecting low bullish sentiment.

On the macro front, the US February CPI data will be released at 20:30 tonight. If the data exceeds expectations, it will further reinforce the Fed's hawkish stance, suppress the crypto market rebound potential, and increase downside risks.

Operation Suggestions

Bitcoin: Light short positions within the 70,800–71,500 range during the rebound, leaving room for additional entries. Target initially at 67,800, with a break below targeting 65,800. Do not chase rallies in the short term; sell on rebounds.

Ethereum: Follow short positions within the 2,080–2,120 range, targeting 2,010–1,980. Trade in line with the trend and strictly control risks.