6.7 Saturday Early Morning Bitcoin and Ethereum Market Analysis: Dominated by Shorts, Bearish Trend
🔥 Last night, influenced by the public conflict between Trump and Musk, market risk aversion increased, leading to a decline in the U.S. stock market, which in turn pressured the cryptocurrency market. Bitcoin 🫓 once dipped to the key support level of 100,000. Although today's daytime trading opened with a technical recovery, the non-farm payroll data showed weak performance in the evening. Despite Trump's claim of a "strong economy," which briefly boosted market confidence, the actual economic data remains sluggish, with employment figures continuing to decline. The upper pressure levels remain effective, and the bearish pattern has not changed, indicating ongoing downside risks.
Technical Analysis (4-Hour Chart)
- Bitcoin: The price briefly broke above the middle band of the Bollinger Bands (around 104,300) but failed to stabilize, with bears continuing to apply pressure. The upper band of the Bollinger Bands is gradually moving downward, indicating weak momentum. If the support at 104,300 is confirmed to be lost, the next target will point to the lower band in the range of 101,200-102,800.
- Ethereum: Correlating with Bitcoin 🫓 but showing weaker performance, strong resistance is forming in the range of 2,500-2,520, with key support below at 2,400-2,430. A break below could accelerate the decline.
- Bitcoin 🫓: Rebound to the range of 104,500-105,000 for phased entry into shorts, target at 101,200-102,800, stop loss at 106,500.
- Ethereum: Enter shorts near 2,500-2,520, target at 2,400-2,430, stop loss at 2,600.
