The market for the day has basically ended. Affected by the fundamentals, the Bitcoin price fell from above 95,000 to a low of 92,848 in the evening, then rebounded to above 94,000, currently maintaining fluctuations around 94,000. The short positions on the evening pullback and the long positions on the current price rebound have all been closed for profit. The Ethereum followed the Bitcoin's pace, first dipping to a low of 1,730, and is currently rebounding to above 1,760 with fluctuations.
Overall, the evening’s surge in momentum was mainly influenced by the fundamentals. On the daily chart, it is still in an upward channel; as long as it does not break the 91,000 line, it is still difficult to see a deeper pullback. However, fighting for territory around 95,000 for a long time without an effective breakthrough and failing to successfully achieve a top-bottom conversion may lead to a potential technical deep pullback.
On the four-hour chart, the recent market has had ups and downs, with the price oscillating in the range of 95,000-93,000. After a significant bearish close in the evening, technical indicators continue to trend downward; meanwhile, the hourly chart shows a divergence in technical indicators. In the short term, there is still some space below, and the Silk Road still needs to rely on strong support levels for positioning.
In the early morning, the Silk Road Bitcoin is referenced to go long near 93,500, looking at 95,000; the Ethereum is referenced to go long near 1,750, looking at 1,800.
