As the May market officially closes, time enters the trading period of Monday, June 2nd. Influenced by TLP-related remarks, market sentiment shows significant fluctuations. Bitcoin and Ethereum rebounded sharply from midnight but continued to decline in the morning session. As of now, Bitcoin maintains a volatile trend above $104,500, while Ethereum has retested around $2,490. During the Asian session, it is unlikely to break out of a unilateral trend, so we will maintain a short-term approach.

From the perspective of daily technical analysis, after experiencing a phase of decline, the market has shown a slight rebound, but the rebound momentum is clearly insufficient to break through key resistance levels. The middle band of the Bollinger Bands has formed strong resistance, becoming an important obstacle to price upward movement. Meanwhile, the MACD indicator continues to operate below the zero line, with negative values accumulating, clearly indicating that the current market is dominated by bears. On the four-hour chart, the K-line encountered resistance at the upper range of the oscillation zone and fell back, closing with a bearish candle and touching the middle band of the range, reflecting strong selling pressure on bulls at high levels. On the one-hour level, the price lacks upward momentum, presenting a stepwise downward trend, forming a typical oscillation structure in terms of technical patterns. It is worth noting that there are currently no clear bottom support signals in the market, indicating that there is still some uncertainty in the space below. In the short term, we will continue to maintain a bearish outlook.

Bitcoin can be shorted at 104,700-105,200, with a target near 103,000. Ethereum can be shorted at 2,495-2,515, with a target of 2,450.