7.9 Wednesday Morning Analysis:

Bitcoin showed a volatile upward trend yesterday but faced significant pressure. After bouncing back from the 108,000 support level, the price briefly broke through the 109,000 mark to around 109,100, but failed to hold effectively. Overall, it exhibited a consolidation characteristic, with both bulls and bears continuously battling at key levels.

In the 4-hour chart, the Bollinger Bands have narrowed, with the price being capped by the upper band, showing signs of stagnation in the short term. On the daily chart, the highs are gradually declining, and the short-term rally has not broken through key resistance. The long upper shadow of the candlestick indicates significant selling pressure above, hindering the bullish rise. Although the short-term price shows some resilience against declines, the resistance at 109,700 has not been effectively broken, increasing the chances of a retracement. Overall, the weak rebound at a smaller scale does not indicate a reversal; for now, we should look to treat it with a high short position during the day.

​

​Operational Suggestions:

​Bitcoin: 109,200-109,600 range, target near 108,000. $BTC

​Ethereum: 2,630-2,650 range, target 2,520-2,550. $ETH