Bitcoin dances on the edge of danger! ETH's distorted rebound, the downward risk has just begun
Matrixport's chart gives a clear signal: don't be blinded by the rebound, the real 'test' is still ahead.
The current key battlefield for Bitcoin is $105,000. If this support is broken, the previous rebound structure will completely collapse, and the next decline could even head straight towards the $90,000 range. Seasonal data from June has already indicated: this type of rebound is unlikely to last long.
Now looking at Ethereum, the situation is even more precarious.
Do you think this rebound in ETH is a recovery of the market? Wrong! It's an illusion purely boosted by leverage.
There’s almost no fundamental support behind it, it’s entirely the structure of the futures market that is holding it up. The sharp drop in the past few days proves this point — once the leverage is released, the price will fall sharply.
The leverage structure is still at a high level, which means:
A big bearish candle can trigger a chain liquidation
The selling pressure is greater and more persistent than you think
Once panic sentiment is released, it will not end gently
