Bitcoin MVRV (on-chain profit rate) is running at a high level, indicating that a large number of holders are in a profitable state, which may trigger a certain amount of selling pressure. At the same time, Bitcoin continues to flow out of exchanges, and the shortage of supply may support long-term prices. At present, the market is in fierce competition between long and short positions, and no unilateral trend has been formed. The implied volatility has dropped to a low level, indicating that there may be large fluctuations in the near future. From the perspective of support and resistance levels, Bitcoin's support level is 103,500, and the resistance levels are 106,500 and 107,500; Ethereum has high activity and high volatility, and the daily level is oscillating to the short side. The 4-hour box oscillation continues, with support levels at 2450-2480 and resistance levels at 2650 and 2720.
