Last night, Bitcoin experienced a rapid spike in price, causing market sentiment to momentarily fluctuate, but it gradually stabilized afterward. Currently, it is showing a sideways adjustment in a low-range area. This consolidation is not a meaningless stalemate; rather, it resembles a reaccumulation of power after intense competition between bulls and bears, laying the groundwork for future market trends.

From a daily chart perspective, the recent correction trend is quite noteworthy. During the continuous decline, the price precisely touched the key support level at the middle band of the Bollinger Bands, and it was the effective functioning of this support that became an important opportunity for the market to reverse, leading to a rebound. Shifting the focus to an hourly level, the trend becomes clearer. A significant low-point rebound structure has formed, with the price showing a step-like recovery after touching the lows. Each small pullback has failed to break the previous low, instead becoming an opportunity for bulls to accumulate further strength. The candlestick combinations on the hourly chart also release positive signals, with an increasing number of bullish candles, which undoubtedly reflects the strengthening of short-term bullish power. This morning, we will first observe the strength of the rebound.

Bitcoin at 118,000, watch 119,500

Ethereum at 4,540, watch 4,600