After rising in the early morning, Bitcoin's hourly chart showed two bearish candles that retraced from above 108454 to a low of around 106800, presenting a downward trend in the morning. Considering the chip distribution, the 107200-107800 area forms multiple support and resistance levels in parallel. It is important to note that the trading volume moving average is rising, coupled with institutions increasing their holdings, enhancing market activity which provides momentum for a rebound. In the short term, the price is expected to stabilize and rise here.
In terms of the candlestick chart, the hourly MACD is above the horizontal line, and the RSI is also showing an upward trend. However, the resistance level at 109000 is significant, and a breakthrough will require stronger buying support.
As institutions increase their BTC holdings, a bullish signal is released, which may boost market confidence in the short term. Bitcoin receives short-term support or may influence the market to run upward, with the first resistance level looking at around 109000; if broken, it continues to look at 110500. Conversely, attention should be paid to the key support level at 106000.
Ethereum has been continuously rising since the early morning, with the hourly chart showing a large bullish candle directly pushing up to a high of 2788. The pullback target reached precisely.
Currently, the market is still in the pullback phase after the rise, and the hourly chart remains bullish. The EMA moving averages are still diverging upwards. If today's closing can stabilize above 2750, the bullish trend is expected to continue to challenge the 2800 round number; otherwise, it may follow a pullback route down to the starting point of 2650-2680.
In the afternoon, the market continues to pull back slightly.
Bitcoin looks to rise from 107200-107500 towards 108500.
Ethereum looks to rise from 2680-2700 towards 2750.
