I think the current market fluctuation range will continue for a while. There will be no situation where bulls suddenly push up prices sharply, and there will be no bears that cause prices to fall sharply. In the short term, the market will remain in this state.

Judging from the short trading volume we have seen so far, it is very sluggish, even at the mini level. My personal opinion is that funds may be leaving the cryptocurrency market.

Look at the US stocks next door, such as GameStop, which has risen a lot recently. There are also stocks like Buffett's Berkshire. Although the 99% plunge in the early hours of yesterday may be a technical failure, it reflects the current popularity of the US stock market, and the long-short game is very fierce.

This reminds me that many years ago, a friend who was doing quantitative trading suddenly turned from the cryptocurrency market to the stock market. He explained that it was because the liquidity there was better and more people were trading, which provided more profit space for quantitative trading.

Now for the cryptocurrency market, the situation may be the same, because the recent trading volume is really too sluggish. Even if there is a fluctuation of about $2,000, it only represents a 3% price change.

In this situation where both the long and short sides are not strong enough, I think the probability of continued market fluctuations is very high. In the short term, the support level I observed is around $69,000, and there may be a rebound to $70,700 or slightly lower $70,500 or $70,300. It is also possible that the market will not rebound sharply, but will fluctuate around my 0.236 Fibonacci retracement level, which is around $69,000, and there will not be much market changes.

In the long term, I maintain my previous view that the market may need to adjust downward a little, but not too much. The long-term adjustment I mentioned may be around $67,000 or $66,000, by which time the market should get a strong support.

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