The midnight Bitcoin bulls did not face much resistance, and the overall sentiment is dominated by bears. Early morning trading saw a continued dip, with Bitcoin hitting a low of 94111 before stopping. Subsequently, it was reclaimed by the bulls at 97000, indicating that this key position still holds some strength. However, Bitcoin's repeated spikes were strongly reclaimed by the bulls. Since the decline from the highs, the structural dynamics clearly show that the secondary cycle is much longer than the primary cycle, giving it a relative advantage in time. Additionally, the strength is also greater than before in the primary cycle, so under a weak market, the downside space should not be underestimated. The structure has not changed, and the trend remains weak. Until an effective change occurs, the trend direction will remain unchanged. On the hourly level, there is a long shadow below, forming a hammer pattern at low levels. Therefore, we can observe the strength of the rebound in the morning.

Bitcoin: around 97500, target 99000, stop: 97000

Ethereum: around 3750, target 3880, stop: 3700