A new week has begun, and the significant decline last week has led market participants to regain their composure.
Those who were blindly optimistic and had fantasies are no longer voicing their opinions, and the childish actors have also disappeared.
Even those who fervently advocated for others to buy altcoins to recharge their faith during the downturn have vanished.
Since the frenzied phenomenon of faith recharging has disappeared, it is time for an objective analysis.
BTC (Bitcoin) is currently in a sideways oscillation phase at the weekly level.
The purpose of this consolidation is clear: it aims to eliminate those with weak convictions, laying a solid foundation for future upward trends. Considering this year, the probability of breaking through previous highs is very low, but looking ahead to next year, surpassing previous highs should not be a major issue.
This round of weekly consolidation is likely the last before Trump takes office, and perhaps the final consolidation phase.
The key support levels below are at 9 and 8.5. Friends keen on swing trading may consider making gradual spot purchases at these levels, as entering at this price point carries lower risk of loss, but deciding when to sell requires personal judgment.
Personally, I may also engage in short-term trading of Bitcoin near these two points.
It is important to know that other cryptocurrencies are closely correlated with Bitcoin; when Bitcoin drops, the declines in altcoins are often more severe.
Therefore, one should still adhere to the investment philosophy of "staying away from all altcoins (including Ethereum), and firmly embracing Bitcoin."
The resistance level for Bitcoin's weekly rebound is in the range of 998 - 1045,
with support levels at 923 - 902 - 88;
Ethereum's weekly rebound resistance is in the range of 3615 - 4000,
with support levels at 3100 - 3000 - 2815.
