Morning Analysis on June 6th
In the early morning, Bitcoin experienced extreme fluctuations, briefly reaching the 100,305 level, while Ethereum continued to decline. Currently, Bitcoin has broken the key support level of 103,500. From a technical indicator perspective, the RSI indicator remains in a weak state, MACD maintains a death cross, and Bollinger Bands indicate that it has broken the middle line, suggesting a short-term bearish trend. If Bitcoin continues to face pressure, it may test the Bollinger Bands lower limit of 99,800.
Market Sentiment
Currently, institutional capital inflow has slowed down. If Bitcoin cannot stabilize at 101,000, it may trigger more selling pressure, leading to further declines. Tonight, the U.S. will release non-farm payroll data, which may have a significant impact on market risks and, in turn, affect Bitcoin's trend, requiring close attention.
Recommendations
Bitcoin: Go short in the range of 102,100-102,400, targeting 100,500-98,000.
Ethereum: Go short in the range of 2,440-2,460, targeting 2,310-2,280.
