The market situation in the early morning shows a narrow range of fluctuations. Bitcoin reached a high of 115527 before facing downward pressure, while Ethereum similarly encountered resistance after climbing to 4528. Both failed to break through key resistance levels, with both bulls and bears engaged in a tug-of-war in this area, resulting in relatively limited price fluctuations.

According to an in-depth analysis of the market, the current Bitcoin market is deeply entrenched in a fierce tug-of-war between bulls and bears. The price has been maintaining a fluctuating consolidation state below the key resistance level for an extended period. On the 4-hour candlestick chart, the price trajectory has consistently remained below the middle band of the Bollinger Bands. However, both bulls and bears are currently in a cautious wait-and-see state, waiting for clearer market signals. In terms of price movement, Bitcoin's price has frequently oscillated within the range of 114500—116200, gradually forming a very obvious converging triangle pattern. This key resistance level seems like an insurmountable checkpoint, having successfully blocked the bulls' effective attacks three times in a row. Meanwhile, the support level below has also withstood the fierce tests of the bears multiple times. From a market logic perspective, the current situation of sustained price fluctuations is essentially the market accumulating energy for the next wave of trending movements. The upcoming Federal Reserve meeting is likely to become a key catalyst for breaking the current deadlock. Given the current market uncertainty, we temporarily maintain a bearish outlook this morning.

Bitcoin is focusing on short positions in the range of 115500-116000, with a target near 114000.

Ethereum is focusing on short positions in the range of 4530-4560, with a target near 4450#MichaelSaylor暗示增持BTC $BTC .