After a period of consolidation in the afternoon, Bitcoin suddenly launched a wave of upward insertion, reaching a high of 83999. This upward surge failed to stabilize Bitcoin at a high level, and it retreated back to the 82,000 range. This indicates that there is strong resistance from above, although the bulls tried to attack upwards, but faced with the stubborn resistance of the bears, they failed to effectively consolidate the results, and the Ethereum market synchronized with Bitcoin in the afternoon, with the highest hitting the 2152 line after the same pressure pullback.

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At the daily level, the market showed strong downward momentum. Yesterday ended with a big black candlestick with a full body, not only directly broke through the key support level, although there was a certain degree of rebound in the intraday, but these rebounds are insufficient, and have not been able to break through the defense line built by the bears, the current distribution of trades in the market also shows that the bears still continue to exert pressure, and this bearish pattern is expected to continue in the short term. Looking at the four-hour chart for analysis, we see a technical rebound after the price touched the lower Bollinger Bands band, which looks more like a natural correction after an overshoot. The price in the process of rebounding is obviously prone to suppressing several moving averages above, and has not been able to effectively break through the key resistance level.

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