June 5 Evening Market Analysis:

Let's review today's market: The market continued its sluggish trend today. In the early hours, Bitcoin's price suddenly plummeted, reaching a low of $104,350, and then started to rebound with fluctuations. Although there was a brief recovery during the midday session, the bullish momentum was lacking, and the price never managed to break through key resistance levels. In the afternoon, Bitcoin again dipped to $104,321, followed by a slight rebound to $104,880, but encountered resistance and fell back, showing a clear pattern of weak fluctuations. Ethereum was also under significant pressure, briefly rising to $2,634 in the afternoon before quickly retreating, with a pronounced downward trend, dropping to a low of $2,580 in the afternoon, and the market sentiment was relatively pessimistic.

From a technical analysis perspective, Bitcoin's daily chart has shown three consecutive days of bearish closes, with the price continuously falling from the $107,000 range to the $104,000 range, indicating a short-term downward trend has formed. The hourly chart shows volatile fluctuations, frequently displaying long upper and lower shadows, reflecting intense market competition between bulls and bears, with selling pressure and support coexisting. In terms of specific indicators, the MACD on the hourly chart continues to operate below the zero line, with both the DIF and DEA lines in negative territory. However, the MACD histogram shows a continuous reduction in volume, indicating that while bears dominate the market, their strength is gradually weakening. The RSI on the hourly chart remains around 40, not yet reaching the oversold area, suggesting that the current market is still in a weak fluctuation phase. Additionally, the EMA7, EMA30, and EMA120 moving average system is in a bearish arrangement, and the price has repeatedly encountered resistance and fallen back after testing the EMA7 moving average, highlighting heavy pressure from above in the short term. Overall, the cryptocurrency market still faces significant downward pressure in the short term.

Bitcoin: Short near $106,000 - $105,200, target $103,800 - $103,000

Ethereum: Short near $2,660 - $2,630, target near $2,560

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