Market Update – Bitcoin & Ethereum Analysis

This morning, Bitcoin saw a sharp rally, briefly spiking to $104,440, but the momentum quickly faded due to weak buying pressure, triggering a technical pullback. It’s now consolidating around $103,900, with bulls and bears locked in a temporary standoff.

Meanwhile, Ethereum has shown relative strength, maintaining a steady upward trend. It hit a session high of $2,619 before encountering resistance, and is now consolidating near $2,600.

On the 4-hour chart, Bitcoin has formed a double bottom pattern, but early signs of a potential decline are appearing. Bollinger Bands remain flat, suggesting price compression and the formation of a triangular range—a setup that could lead to a decisive breakout or breakdown.

This afternoon, keep a close eye on Ethereum, which is behaving differently from Bitcoin. While Bitcoin is entering a tighter range, Ethereum still has room to climb. Support near $2,500 has held firm, and the recent candlestick structure points toward a recovery with potential for further gains.

Trading Strategy:

Bitcoin: Consider short positions near $104,000–$104,500, targeting the $102,500 support zone.

Ethereum: Avoid shorting for now. Look to go long on a pullback to around $2,550 to catch the next potential upward move.

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