Bitcoin's golden needle tests the bottom, rebound shows resilience.
Yesterday, BTC's daily line closed with a small bearish candle with a long lower shadow. Although there was no large bearish candle to trigger a sell-off, it also reflects the pressure from above. This morning's pullback quickly rebounded after hitting a low of $102,500, indicating that the current market's absorption capacity remains strong.
In terms of stage gains, Bitcoin has accumulated over $30,000 from the bottom and is currently in a reasonable high-level consolidation range. Although there is no obvious selling pressure at the moment, the trading volume is insufficient, which is the main reason for the sideways movement.
High-level oscillation tests patience, a mixture of inducing long positions and washing out.
The current market rhythm is reminiscent of the bottom oscillation period — during the bottom, most people cannot endure the silence, and the same is true at high levels. The market will not easily give a direction but will instead create chasing opportunities through continuous inducement of long positions, increasing trapped chips.
If there is no effective breakthrough above $105,000 in the short term, it is expected that there will still be a pullback demand in the afternoon or evening, with support focusing on the $101,500-$102,200 range. The key daily level support looks towards $100,000; if it falls below, it will open up space below to $96,000-$98,000.
Ethereum shows weak performance, oscillating consumes emotions
ETH has doubled from the bottom to the present, currently in the anticipated high point range, and the timing is also approaching our expected adjustment window. Although a golden needle was also formed yesterday, it is a half bearish structure, and the day before even showed a probing move back and forth, indicating that the bulls and bears have not yet determined a winner.
From the perspective of price structure, ETH looks slightly weak during the rebound, with intraday rebounds encountering resistance in the $2,600-$2,650 range; short-term support focuses on $2,450, with strong support in the $2,420-$2,380 range. If it breaks below, it will test the support range of $2,200-$2,300.
Altcoins have been liquidated, waiting for the next round of layout.
At the current stage, the rotation of altcoins is chaotic and lacks sustainability. This round has already completed profit-taking and liquidation; the focus now is to observe the re-layout opportunities after the main market stabilizes. Old logic does not necessarily bring new gains, and the new main line has not yet been clarified, so one should avoid blindly re-entering.
