Yesterday, Bitcoin rebounded to a maximum of 113,500, simultaneously reaching the MA80 and the short-term supply line.

However, from the perspective of volume and price relationship, the trading volume during yesterday's rebound was significantly reduced, indicating a weakening of buying pressure and an inability to break through upwards.

Under the dual pressure of MA80 and the short-term supply line, Bitcoin turned to decline and tested the support level of STH-RP again. The possibility of directly breaking below STH-RP cannot be ruled out. (MA80 had previously acted as a support level, and after being broken, it has turned into a resistance level.)

In the absence of a reversal signal from Bitcoin, the market faces significant downward risk. Therefore, at this stage, apart from a very few cryptocurrencies that are performing independently, the vast majority of cryptocurrencies are not suitable for long positions.