The market experienced a major cleansing over the weekend, with a significant amount of long leverage being wiped out.

Bitcoin hit a low of $98,000 yesterday before starting to rebound at 4 AM.

From a four-hour perspective, $104,000 will be a strong resistance level for Bitcoin.

From a daily perspective, Bitcoin formed a large bearish candle yesterday, and there is substantial selling pressure above the $104,000 level on the daily chart. The level of $106,600 above Bitcoin will also be a strong resistance.

I have repeatedly emphasized that as long as Bitcoin does not strongly break below $96,000 on the daily level, the overall situation should not be too concerning. The $96,000 level is the dividing line for Bitcoin's strength and weakness. Personally, I believe there is an 80% chance that Bitcoin will not strongly break below $96,000 before June 30.

The $93,000 level below is the watershed for Bitcoin's bullish and bearish trends.

If Bitcoin strongly breaks below the $88,000 level on the daily chart, it would indicate that the current bullish rebound trend of Bitcoin has completely ended.

From a weekly perspective, Bitcoin formed a large bearish candle last week, indicating that there are indeed institutional funds selling off in the market, and the market's panic sentiment is spreading very intensely. However, in the short term, I am optimistic about a possible rebound in the market.

Bitcoin is about to enter the monthly chart, and I personally feel that Bitcoin's monthly chart will likely form a doji candlestick.

Ethereum is touted as the largest altcoin, and from a four-hour perspective, Ethereum hit a low of $2,100 yesterday, clearing a significant amount of leverage. In the short term, there is substantial selling pressure above the $2,300 level on the four-hour chart, with $2,450 being a strong resistance for Ethereum.

From a daily perspective, Ethereum formed a large bearish candle yesterday and strongly broke below the $2,200 level, further spreading panic sentiment in the market.

In the next couple of days, Ethereum is expected to have a rebound for recovery, with a close watch on the strong resistance at the $2,450 level on the daily chart.

On the weekly chart, Ethereum formed a solid large bearish candle, with significant selling pressure, making it difficult for Ethereum to strongly recover the $2,680 level of strong resistance in the short term.

From a monthly perspective, Ethereum has not strongly broken down below the support level, but the short-term bullish trend of Ethereum has weakened, with institutional funds fleeing and retail panic sentiment further spreading.