The second day of the New Year, Bitcoin begins to gain momentum. Here is an interpretation of the cryptocurrency market:

After several days of volatile consolidation, Bitcoin finally shows an upward momentum. There is a sense that the volatility is about to end, and a new trend may emerge in the coming week.

From the daily candlestick chart, bulls are starting to gain strength, with the low points of the pullbacks gradually rising. The key now is whether the high points of the rebound can break through, allowing for further upward movement.

On the 4-hour level, the Bollinger Bands are opening up, and the price is testing the upper resistance. Both the middle and upper bands are showing an upward opening trend. The key level above is 96,000; if it stabilizes above this, there is potential to test the 100,000 mark; if it does not stabilize, then high short opportunities may emerge. Therefore, the area around 96,000 is worth testing for short positions.

Bitcoin has pulled back about 15% from its peak, while Ethereum has seen a larger pullback of 25%. From the market perspective, Bitcoin is taking a corrective route, while Ethereum seems to be undergoing a washout.

In December, the net inflow of funds into the US Ethereum spot ETF exceeded $2.1 billion, almost double that of November, setting a new historical record.

Additionally, the Elon Musk-themed dog token ρꪊρρⅈꫀડ on the Ethereum chain, as one of the strongest concepts, is beginning to emerge. Its future development potential is enormous, and it may have the opportunity to become the next phenomenon in cryptocurrency assets, like SHIB. Investors should pay close attention and conduct in-depth research.