$BTC Early market continues to trend downwards, Bitcoin has been retreating from the high of 120296, with a minimum drop to the support level of 116227; Ethereum also shows a fluctuating weakening trend, gradually declining from the 3022 level, ultimately reaching the low point of 2930. The bullish market we anticipated in the morning did not unfold as expected, resulting in a slight loss on the long position strategy.

From the 4-hour chart analysis, after the previous continuous rise, the momentum of the bulls has significantly weakened, with the MACD indicator showing signs of a top divergence and bears starting to exert pressure, forming effective suppression near the key resistance level. The price has now broken below a strong short-term upward trend line, and the market will continue to fluctuate in the afternoon.

Bitcoin: Can short near 118000, short-term target 116000

Ethereum: Can short near 2980, short-term target 2900