In the past two days, BTC and ETH have continued to trade within narrow ranges (BTC around 67k USD, ETH around 2,000 USD), with the market experiencing a "dull knife cutting meat" situation. The core reasons are threefold:

1. Macro Pressure: The US March non-farm payrolls exceeded expectations, significantly delaying rate cut expectations. The dollar and US bond yields have strengthened, and as high-risk assets, cryptocurrencies lack incremental funds, leading to cautious positioning on both sides.

2. Technical Stalemate: BTC is oscillating within the 65k–70k USD range, and ETH within 2,000–2,100 USD, forming a dense consolidation zone. There is heavy short-term resistance above and collateral/ETF support below, with volatility continuously compressing.

3. Market Sentiment and Structure: After previous liquidations, leverage funds are cautious. Institutions are selling call options to suppress volatility. Weekend trading is light, with a vacuum of news, and funds are mainly observing without a clear directional driver.

Overall, the market shows a pattern of "resistance above, support below, and no momentum in the middle." Short-term, quick profits are risky, and trend-following opportunities require waiting for CPI, Federal Reserve signals, or a confirmed breakout of the range. #Gate广场四月发帖挑战 $ETH