On Sunday, Bitcoin showed a fluctuating correction trend. Bitcoin initially declined and then rose before falling back, quickly rebounding after probing down to the key support level of 87821 in the morning. In the evening, it reached a high of 88997 but faced resistance. Ethereum's performance is highly correlated with Bitcoin; in the morning session, it started rising from a low of 2962 and approached a high of 3011 in the evening before synchronously retreating.
From the current market observation on the 4-hour chart, the price has not been able to break through significantly after a previous rapid rise, instead consolidating with continuous small-bodied candlesticks. The overall operation is near the middle track, and multiple attempts to probe higher have not stabilized, highlighting a gradual increase in selling pressure at high levels. The market is entering a consolidation phase after a strong upward trend, but each retreat is quickly followed by a rebound, with no significant drop in the lows. Structurally, it remains a bull-dominated consolidation and has not switched to a bearish pattern. On the 1-hour chart, after a quick short-term decline, a long lower shadow rebound candlestick was formed, and the price returned to the midpoint of the range, confirming that the bearish nature is leaning towards a shakeout, with the bears lacking sustained momentum. Subsequent candlesticks show reduced volume and stabilization, presenting an overall situation of bullish and bearish competition, rather than a trend reversal. In summary, the current market is in a high-level consolidation phase, leaning slightly strong but requiring time to digest pressure. As long as the price does not effectively break below the key support level, the overall bullish structure will continue to hold.
Bitcoin: 87500-88000 range for long positions, target focus on 90000
Ethereum: 2940-2970 range for long positions, target focus on 3050
