According to BlockBeats news, on June 23, Matrixport released a daily analysis stating, 'Although Bitcoin attempted to rebound, the likelihood of a sustained breakout is not high based on seasonal trends. For it to maintain technical validity, Bitcoin needs to stabilize above $105,000. However, the greater concern lies with Ethereum - as we pointed out in previous reports, leveraged traders have pushed its price higher in the absence of fundamental support.
We still believe that the current price of Ethereum is mainly driven by futures holdings, which makes it more susceptible to downside risks. This holding risk also explains the sharp decline of Ethereum in the past few days. As market leverage remains high, the likelihood of continued price pressure in the future is still quite high.
