June 3rd Midday Analysis:
Recently, the BTC market has seen a small rebound, reigniting hope for many investors and warming market sentiment. However, beneath the seemingly recovering surface lies hidden risks; it is still too early to be blindly optimistic.
From a daily chart analysis, the current BTC price performance is not ideal, failing to effectively stabilize above the Bollinger Band's middle line at the $106,500 mark. This lackluster rebound undoubtedly casts a shadow on the market's prospects. After today's opening, the BTC price has fallen into a narrow trading range, currently fluctuating around $105,000, with a lack of clear direction.
On the technical side, $106,000 has become the key resistance level for BTC's upward movement. After reaching this level, the market failed to break through effectively and immediately entered a pullback mode. If the pressure above continues to be difficult to overcome, the subsequent market trend is likely to remain sluggish. Additionally, from the daily MA indicators, the BTC price has consistently failed to achieve an effective breakout, being strongly suppressed around the 10-day moving average of $106,600, subsequently initiating a downward trend, further confirming the current weak market pattern.
It is noteworthy that although Ethereum has seen a significant overall increase recently, after peaking, the four-hour candlestick closed with a long upper shadow, which is a strong signal indicating that bullish momentum is gradually exhausting, and the risk of subsequent price pullback is increasing.
Looking at the weekly level, the downturn in the BTC market has not fundamentally reversed. From the weekly trend perspective, despite a rebound, the overall trend remains downward, and the subsequent market is highly likely to repeat the pattern of rising and then falling back.
Big Cake: Short around $105,500-$106,000, target around $103,500;
Second Cake: Short around $2,600-$2,620, target around $2,540.
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