Yesterday, Bitcoin (BTC) once again fell to 94,265, forming a short-term double bottom pattern. Meanwhile, altcoins were almost all dragged down by Bitcoin's fluctuations, and Microsoft's negative news also intensified the market's downward pressure. Short selling forces are continuously accumulating positions, with a large amount of short liquidity accumulated in the 102K and 104K regions. In contrast, the bullish liquidity below is noticeably weaker, and the liquidation prices for shorts are also more concentrated.
Such dense short positions will inevitably lead to liquidations, so if the price further retraces, gradually going long in the range of 92,000 to 86,000 is a reasonable operational strategy. A rise from 60,000 to 100,000 will require some adjustment and rest, and even if it is not a top, the market may enter a prolonged period of consolidation. The current market trend is quite urgent, and ETH has also been suppressed to a low of 3,580 by Bitcoin's fluctuations. In the short term, ETH may see a rebound, which will drive altcoins to rebound in sync. During this consolidation process, swing trading can be employed, waiting for sufficient fluctuations before reassessing the trend for the next phase.
