Bitcoin has repeatedly surged and then retreated; is the bear market coming to an end? Where is the peak?

On Sunday, June 8, the latest market analysis of Bitcoin

From the data perspective of BTC, the performance is similar; although there has been significant price volatility in the last 24 hours, the turnover of BTC has actually decreased. Most investors show little interest in the price fluctuations, and the main participants in trading are still those who chased high prices some time ago. In terms of support, the range of $93,000 to $98,000 remains a very solid support level. Although the accumulation of chips in the $100,000 to $105,000 range has begun to surpass, this portion primarily consists of short-term investors and cannot yet be considered an effective support zone.

Everyone knows what happened on Thursday; under the circumstances of the dispute between the US and China, BTC nearly fell below $100,000. Before looking at today’s data, I was wondering if there would be a massive sell-off today, but in reality, it did not occur. Although there was indeed a net outflow, the amount was very limited, not much different from previous outflows. There are indeed some investors feeling panic, but such investors are still quite rare, indicating that most investors are not very interested in short-term price changes.

Friday's data is quite interesting; although there was a net outflow of BTC yesterday, ETH continues to maintain a net inflow. Even the US-China conflict did not affect investors' interest in ETH investments; I was skeptical about this, but indeed, despite the drop yesterday, investors from BlackRock and Grayscale still bought a total of more than five digits of ETH. On the sell side, Fidelity did not sell more than five digits, so the data for the ETH spot ETF remains a net inflow. However, this data is not much different from BTC; although there is a distinction between net inflow and outflow, in reality, both are just a small portion and will hardly affect the spot price.

Operational Suggestions:

Short Bitcoin at 105800-106300, target around 102000-98000. Defense at 107000.

Short Ethereum at 2520-2560, target around 2400-2300. Defense at 2600.

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