The trend structure of the market has deteriorated during these two festival days. What should have been an upward trend has started to decline, which is also an invisible inducement for speculation. Coupled with the recent expiration of a large number of Bitcoin options, this has added some challenges to an already fragile market. The decline over the past two days can be attributed to this factor. Once this bad news is out of the way, I hope there will be a rebound.
Currently, the small-level support for Bitcoin is around 86500. If this level is lost, Bitcoin is likely to test the previous low around 84500. The current trend is also a fluctuating downward trend, so risk prevention should be done well.
The small-level support for Ethereum is around 2880. The recent spike has already reached this position, and going down is similarly near the previous low of 2770. The current trend is a fluctuating downward trend, and the momentum for a rebound is very weak.
From the upward trend a few days ago, the market's purchasing power is significantly weaker than before, liquidity is scarce, and more funds are choosing to wait and see. The market currently needs a significant and substantial positive factor to change the current trend. The fluctuations in the market over the past two days make it feel like a bear market.
