#Gate广场创作者新春激励 Bitcoin and Ethereum January 16 Evening Price Analysis

Bitcoin continued its sideways upward trend this evening. After a slight dip to around 95,400 (intraday low) in the early session, it quickly rebounded, boosted by US CPI data below expectations. It broke through 97,000 (intraday high) in the evening and is currently consolidating around 96,500. The intraday range is about 1,600 points, with trading volume increasing by 25% compared to the same period yesterday (driven by Bitcoin ETF fund inflows). Market bullish sentiment is rising but cautious at high levels. Technical indicators show a bullish structure, with the daily MA5 (95,600) and MA10 (94,800) crossing upward, and the price remaining above all moving averages. Yesterday’s candlestick confirmed that the 95,000 USDT support is effective. The hourly RSI remains around 58 in a bullish zone, and the MACD shows decreasing red bars, indicating slightly weakening short-term upward momentum.
On the news front, US CPI data below expectations reinforce the Fed’s rate cut expectations. The daily net inflow of $723 million into Bitcoin ETFs supports market sentiment. However, there is significant selling pressure in the 97,000-97,500 region, making it difficult to break higher and resulting in a sideways consolidation pattern.
Ethereum (ETH)) January 16 Evening Price Analysis
Ethereum continued its previous rally pace, consolidating around 3,250 USDT yesterday evening before rising in sync with Bitcoin. Today evening, it reached a high of 3,450 USDT (intraday high) before slightly pulling back. It is now consolidating around 3,420 USDT with a range of about 200 points. Trading volume increased by 25% compared to the same period yesterday (24-hour increase of 3.5%), with no clear independent trend, mainly following the overall cryptocurrency market rhythm. Technical indicators show a synchronized bullish structure, with the daily MA5 (3,350 USDT) and MA10 (3,280 USDT) crossing upward, and the price staying above all moving averages. Yesterday’s candlestick confirmed that the short-term support at 3,250 USDT remains effective. The hourly RSI stays around 58 in a bullish zone, and the MACD shows decreasing red bars, indicating short-term correction momentum.
On the news front, supported by positive US CPI data, Bitcoin ETF fund inflows, and market expectations of SEC crypto reforms, but if Bitcoin’s market share drops below 57.3%, funds may flow elsewhere, making it difficult to break the current sideways pattern in the short term.