Morning Thought Analysis on 6.22

Originally, it was thought that the cryptocurrency market would continue its calm trend on Saturday, but unexpectedly, the night trading took a dramatic turn. The price of Bitcoin quickly fell from $103,900 to around $101,000, while Ethereum also plummeted from a high of $2,450 to $2,216, with the intense volatility being shocking. The main reason for this is likely the sharp rise in geopolitical risks in the Middle East— the situation between Iran and Israel continues to deteriorate, driving gold prices to soar, and the market's risk-averse sentiment is at an all-time high, resulting in a large amount of capital fleeing from crypto assets, with major funds accelerating their flow into traditional safe-haven markets, leading to a significant rise in the cryptocurrency fear index.

From a technical analysis perspective, the daily chart of Bitcoin shows a continuous bearish pattern, and there are currently no signs of a bullish reversal in the short term. The MACD energy bars continue to expand, visually reflecting the dominance of the bears. On the four-hour level, the Bollinger Bands are continuously widening, with the price breaking below the lower band indicating overselling, showing strong downward momentum; the one-hour candlestick pattern also presents a step-like declining structure. Based on the analysis of multiple timeframes, it is expected that the market will continue to maintain a downward trend, and it is recommended to adopt a cautious bearish approach in operations.

Bitcoin 101,500 - 102,000 near watch for long, target around 100,500

Ethereum near 2,300 watch for long, target around 2,200