The concerns from a few days ago have come true. Bitcoin was briefly driven up by Ethereum, reaching resistance around 117,000 before starting to pull back. Yesterday, it was mentioned that Bitcoin has a minor support level around 114,500, with strong support near 111,000. At 3 AM today, when the support at 114,500 was lost, it began to flood down to around the 111,000 support level.
The likelihood of holding at this level is not high, and it may further drop to the previously mentioned 107,000 range. If it can hold at this position and start to oscillate, then there won't be a larger downward trend.
After stabilizing around the 4,660 support level, Ethereum again attempted to challenge the 5,000 mark but failed to break through and began a significant pullback. The support is around 4,460, and further down around 4,380, which is also a watershed for the trend.
Overall, the altcoins have been knocked back to their original state due to the fluctuations of Bitcoin and Ethereum, almost erasing the gains from the past two days. While Bitcoin and Ethereum continue to reach new highs, altcoins are hitting new lows, which really doesn't provide a good opportunity for averaging down or taking profits. Now we wait for Bitcoin and Ethereum to hold at key support levels while we patiently wait for the right moment to enter again.