BTC has now been compressed to the limit position, and it is expected that by the latest today, around the weekly K-line closing, there may be a clear direction. The horizontal trading has been prolonged, and when it really starts to move, the possibility of a false breakout is also considerable.
Overall, at present, there is no obvious downward signal. The market liquidity was relatively poor over the weekend the last two days, so the price is still consolidating in a small range.
We are still looking to see if it can stay above 120,000. If it successfully recovers, the major target for the bull market remains 136,000, which is the bull flag target area we have been focusing on since the drop to 98,000, and it is not too far from the current position.
On the on-chain front, last week the net inflow reached 14,248 BTC, which is a very large buying intensity in recent times.
ETH surged above 3,800 yesterday and is currently undergoing a brief consolidation. From a structural perspective, if the retracement can hold above 3,370, it already indicates that the bulls have the advantage. Although a direct breakout may not necessarily occur, as long as it can continue to stabilize, there is hope for further upward movement.
Next, the key resistance level remains 4,040. This is not only the last main resistance before the previous high, but the selling pressure in the spot market has also been nearly consumed. As long as there is a slight increase in funds, it could trigger a breakout rally.
The short-term turning point for BTC is approaching, and ETH will focus on whether 4,040 can be effectively broken.