Bitcoin is under short-term pressure below 115,700 and 114,700. Although it dipped to a low of 112,600 last night, the rebound has not effectively broken through the resistance, and the downward channel continues. Pay attention to the breakout situation of this channel.

Ethereum's upward rebound has broken below the 20-day moving average, and it tested the resistance at 3,750 again yesterday, falling back. In the short term, watch the support at 3,550. If it breaks below, there is still room for further decline, so for now, we cannot be too optimistic. Previously, we entered a position near 3,350, and if it continues to decline, we will consider adding to our position.

This round is the best cycle in the history of cryptocurrency. With Dong Wang promoting cryptocurrency, 2025 is also the year for IPOs. Previously, we saw many crypto institutions seeking to go public, and recently many exchanges are also looking for listings. Therefore, this market is the best bull market, but it is also a relatively difficult bull market to make money in. Bitcoin often adjusts after a rally, and there are frequent false breakdowns.

Ethereum has been oscillating around the 3,000 level in a large cycle, which is actually a weekly converging triangle adjustment. Altcoins are basically polarized; the strong remain strong, and the weak remain weak. After each rally, when Bitcoin slightly adjusts, altcoins generally fall back to their original points, with very few outperforming Bitcoin.

Bitcoin

The daily price has not recovered above 114,700 and 115,700, and the short-term is still bearish. Whether the daily chart is in a downward channel or a descending wedge, as long as the downward trend line is not broken, it remains weak.

The daily chart has not yet broken below the previous low, so there is still a glimmer of hope. On the 4-hour level, it was also reminded yesterday that if this downward channel continues, it will test the previous low position. Only if it breaks through this channel in the short term will there be a chance to test the harmonic pattern at 116,000 to 118,000. The second scenario mentioned yesterday is to drop to the support at 105,000 to 107,000 and then rebound.

Support: 105,000 to 107,000

Resistance: 116,000 to 118,000

Ethereum

Ethereum's spike to 3,354 was again suppressed by 3,750. It is currently testing the support at 3,500, with the daily chart being suppressed by the 20-day moving average, unable to stand back up. A proportional decline has the opportunity to reach around 3,000 to 3,150 for a medium to long-term entry opportunity.

The ETH/BTC exchange rate has been suppressed by the 60-day moving average since July 2023. This is the first challenge of this resistance, and we will see if it can break through. Once broken, there is a chance to reach around 0.043. Similarly, if Bitcoin continues to adjust, Ethereum is also likely to be dragged down.

Support: 3,150 to 3,350 to 3,500

Resistance: 3,750 to 3,941

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The article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Official account: BTC Trading Prince Fusu

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