May 23

BTC:

After Bitcoin refreshed its historical high yesterday, it is currently maintaining a strong upward fluctuation and consolidation at a high level. There is not much strong pressure above currently, as the prices are mostly blank. The intraday pressure is only around the high-level pressure of 112,000. From the daily candlestick chart, Bitcoin has recorded three consecutive bullish days, temporarily stagnating in growth, with support around 110,000, only a 2,000 USD increase. Currently, only profit-taking from bulls can create selling pressure. If the support at around 110,000 is not maintained, it may trigger some sharp declines. However, the short to mid-term upward trend remains unchanged unless Bitcoin falls below 106,000, which could change this trend. In the short term, the short to mid-term trend is still bullish, and it is recommended to continue buying on dips as the main strategy. Short-selling requires the market to show significant wide-range trading.

Yesterday, there weren't many short-selling opportunities. After Bitcoin consolidated for a day, short positions increased; conversely, a considerable amount of bullish positions were washed out, and the market rotated a significant portion of bullish positions, balancing the long and short. A considerable part of the bullish positions was washed out, meaning that old bullish positions exited, while some new bullish positions came in, which in turn maintained the stability of the market. This makes it harder to drop.

ETH:

Ethereum is relatively strong and has reached the previous rebound highs. The intraday pressure is naturally around 2,738. Currently, in the short term, it is basically in sync with Bitcoin. If Bitcoin breaks the new high, ETH will naturally follow. From a flexibility perspective, ETH's potential upward space may be even greater. After all, Bitcoin has reached a historical high, while Ethereum is still far from 4,000. If Bitcoin continues to perform strongly, there is a demand for Ethereum to catch up. Intraday support is around 2,630, with a focus on buying on dips.