Afternoon BTC/ETH Latest Market Analysis
As of now, the price of Bitcoin is approximately $11,700, with a 24-hour decline of 1.85%. This adjustment is closely related to the market reaction following Trump's signing of the 'Genius Act' two days ago. It has caused Bitcoin to retreat from $121,000 to oscillate within the $117,000-$118,000 range. The selling pressure in the market has eased. On-chain data shows that about 20% of Bitcoin's supply is concentrated in the current price range, and slight fluctuations may trigger a larger market response.
From the current four-hour structure, the market is in a tug-of-war, with Bitcoin repeatedly moving back and forth in the short term, while attempts to reach higher levels have been suppressed. However, the overall structure continues to show wide fluctuations, and key support and resistance levels have not been effectively broken. Short-term operations still mainly focus on the price oscillation.
Trading Suggestions:
Bitcoin: 117,600-117,900 watch for oscillation around 118,600
Ethereum: 3,640-3,660 watch for oscillation around 3,690
