The market on Thursday is mainly characterized by a fluctuating downward trend, with mainstream cryptocurrencies showing clear bearish pressure. Bitcoin surged to around 114,797 in the morning before facing resistance and retreating, while Ethereum encountered downward pressure at the 4,370 high point. Although there were brief rebound movements during this period, the bullish momentum has consistently been insufficient, and each upward movement has been accompanied by stronger pullbacks. This rhythm of 'weak rises and strong falls' clearly conveys the signal that current bearish forces are dominant. The overall bearish pattern at the daily level remains unchanged, and the brief pullback rebound on Wednesday did not alter the trend, leading to a continuation of the downward movement. There is short-term support near 119,000, which may trigger a phase of pullback and rebound, but it is unlikely to change the overall direction. Looking at the four-hour level, there is a back-and-forth tug-of-war between bulls and bears. After experiencing five consecutive bearish days, the market has entered a pullback and rebound phase, but the strength of each surge is limited, and the sustainability of the rebound momentum is insufficient.

Bitcoin: Watch for short positions in the range of 113,000-113,800 and pay attention to the area near 111,000.

Ethereum: Watch for short positions in the range of 4,250-4,280 and pay attention to 4,100.

Current market sentiment is leaning towards caution; everyone should stay protected. $BTC #BNB创新高 $ETH