The High-Level Hotspots Are Fading, and the Market Continues to Wait for a Breakthrough丨Weekly Report No. 413

The crypto market as a whole weakened amid volatility last week, with popular coins that had posted significant earlier gains beginning to retreat across the board. After ZEC saw its first recent multi-cycle high-point convergence above 1200, it quickly fell below 1100, declining by more than 10% in total; previously strong performers such as HYPE, DOT, and UNI also underwent varying degrees of correction, and market hotspots have temporarily entered a cooling phase.
Bitcoin remained in a correction cycle overall last week. On Friday evening, it briefly spiked upward due to news, reaching a high of 7.98, but then quickly retreated, with the weekend low reaching around 7.65. It is currently fluctuating around 7.66. The short-term price is already close to the support line below. If weakness continues, a lower-point signal at a larger time frame may emerge. At present, the key support below Bitcoin is around 7.6, while above, attention should be paid to whether the blue resistance line can be broken. Only by reclaiming the resistance line and forming an effective breakout will there be a chance to return to an upward cycle in the short term; if 7.6 breaks down, the correction may expand further.
Ethereum is relatively stronger than Bitcoin, but it likewise has not escaped a volatile correction. On Friday evening, it briefly surged rapidly to around 2660 before also experiencing a clear pullback. Attention is currently focused on 2430 below and 2550 as resistance above. If the rebound fails to reclaim the 2480–2550 area, further downside remains possible. From a market-structure perspective, high-point convergence among previously strong coins has been appearing one after another, indicating that the first wave of hotspot-driven gains has entered the profit-taking phase. In the short term, the market may continue fluctuating around Bitcoin and Ethereum, while capital rotates among a small number of assets. After this broad market decline, if new multi-cycle low-point convergence appears later, localized recovery opportunities may still be worth watching, but it is not currently suitable to blindly chase assets that have gained excessively in the earlier phase.
Overall, the market shifted from the earlier hotspot-driven rise to a broad correction last week, with the high-point convergence of strong coins such as ZEC being particularly representative. Bitcoin and Ethereum are still near key support levels. This week, the focus is on whether Bitcoin can effectively hold 7.6, whether Ethereum can hold 2430, and whether Bitcoin can reclaim the blue resistance line. Before the correction ends, remain patient, control position sizes, and wait for new low-point signals and for the market to regain collective momentum.#Gate24小时合约持仓量超114.79亿美元