Yesterday, Bitcoin price fluctuated back and forth. During the day, it peaked at 106079 before encountering resistance and quickly fell to around 104826, then rebounded to around 105782 and entered a sideways trend. In the early morning, it dropped again, hitting a low of 104438.
Ethereum followed the market trend, spiking to 2560 but unable to hold, quickly dropping to 2490, indicating significant selling pressure in the short term. However, the price later made a V-shaped rebound and is now back above 2545, suggesting that the bulls still have some counterattack capability.
From a technical chart perspective, Bitcoin's four-hour chart shows a sideways trend at a low level. The Bollinger Bands continue to narrow, with the distance between the upper and lower bands decreasing, indicating that the market is accumulating strength and waiting for a directional choice. Although the K-line sometimes shows long shadows, it has been consistently pressured by the middle band, and with the moving averages clearly in a bearish arrangement, as long as Bitcoin's price cannot effectively stay above 106300 in the short term, the bearish situation may continue.
Looking at the hourly chart, the Bollinger Bands have narrowed even further, directly indicating that price fluctuations are becoming smaller, with both buyers and sellers being very cautious. At the same time, trading volume has noticeably decreased, and trading enthusiasm has declined, which also indicates that the market is still in a consolidation range.
Operational Suggestions
Bitcoin around: short near 106000-107500, target 105000-104000
Ethereum around: short near 2570-2590, target 2530-2500
