BTC experienced a slight drop at noon
Overnight, all three major indices closed lower, with the Nasdaq down 0.32%, the S&P 500 down 0.39%, and the Dow Jones down 0.61%. Notably, the Dow recorded its ninth consecutive daily decline, marking the longest losing streak since February 1978. Most large tech stocks fell, with Intel and Nvidia dropping over 1%. The cryptocurrency market is once again showing volatility, with Bitcoin reaching a new high of $108,366, while Ethereum moved in tandem with most altcoins, either trading sideways or declining, further confirming Bitcoin's dominating influence! Over the past week, Bitcoin has entered an accumulation phase, extracting 95% of the market's liquidity, leading altcoins to exhibit a trend of following down rather than up, making it difficult for Ethereum to achieve an increase as well. This is quite normal, as there is currently no influx of external funds; all movements are driven by internal capital conducting pump operations. Going forward, Bitcoin is expected to experience a few days of consolidation, and it will be interesting to see if altcoins can seize the opportunity to initiate a robust rebound.
In the evening session, Bitcoin surged again to $108,366 before slowly descending to around $103,500 after a pullback. The daily chart shows a single bullish candle lifting the price to a high level, with some stabilization occurring. The previous peak has now transformed into the current bottom, and the overall strong structure speaks for itself; the trend is still in a state awaiting correction before continuing to reach new highs. From a short-term hourly perspective, the hourly chart's repeated highs and declines indicate further volume from bulls, with the overall market still in a strong bullish trend. After the consolidation, a plunge is still anticipated. As the saying goes, 'the timid starve while the bold thrive.' Others may hesitate, but someone has to lead the charge.
BTC Trading Recommendations
Short at 104000, Add at 104600, Stop loss at 500 points, Target 100000
Ethereum in sync
