Looking back at the market, Bitcoin slightly retraced yesterday but the overall strength was not very strong, with a quick rebound near the lowest point of 94,000 to the support level of 95,000. The overall retracement strength is relatively weak. I have always said that Bitcoin is in a range-bound fluctuation. Such fluctuating markets with ups and downs are normal. When Bitcoin prices are high, fluctuations of several thousand points are considered normal phenomena. Ethereum's retracement yesterday was stronger than Bitcoin's, but within the same level, the intraday retracement is also normal. Cleaning up a wave of contracts, those who understand know. The lowest point yesterday returned to around 3,550, and the bottom oscillation in the early morning also tested this position multiple times without breaking it, which is strong and also an effective position for subsequent momentum. Regarding altcoins, there was an overall retracement of over ten points yesterday, but basically, they have all rebounded today. I mentioned yesterday that now is the best opportunity to get on board, as the market liquidity is increasing, which is favorable for some altcoins to rise in turn.
Recently, Bitcoin's market has been largely in a range-bound fluctuation, consistently staying in the range from the 99,000 high point. As I said, as long as there is no breakthrough of ten dollars, the short-term will continue to maintain a fluctuating market. Once Ethereum's price adjustment is in place, it will be Bitcoin's turn to break out. I think the current consolidation at this position for Bitcoin is a good thing, with the overall focus still on Ethereum.
Ethereum's price dipped to around 3,550 yesterday, closing the day with a half bearish candle. On the four-hour level in the early morning, it also tested the bottom multiple times but did not break down, showing strong support. Overall, this wave of retracement will strengthen subsequent momentum. Looking at the four-hour chart today, we need to see if it can hold the position at 3,680. If this position holds, the market will continue upward to look at the intraday levels of 3,760-3,820.
