Yesterday, the cryptocurrency market showed obvious differentiation.

BTC closed with a bearish candlestick on the daily chart, while ETH closed with a doji with upper and lower shadows. Throughout the day, there were multiple instances of rapid pullbacks after breaking resistance and quick recoveries after breaking support, indicating that the market is still repeatedly washing out high-leverage positions, and liquidity competition is very fierce.

With the continued short-term fluctuations, today's daily line is expected to become an important turning point for the week.

In addition to the rhythm of the cryptocurrency sector itself, today's global capital markets are also worth focusing on. The fluctuations in the Asian stock markets have recently had a significant impact on the cryptocurrency market, especially the performance of the Japanese and South Korean stock markets, which often affect market risk appetite first. Early trading saw a significant rebound in the Japanese and South Korean stock markets, bringing some emotional support to the market.

However, on the other side, international oil prices continue to rise, which also means that global inflationary pressures have not been completely alleviated, still exerting some pressure on economic recovery and risk assets.

The market is still in a stage of intertwined bullish and bearish factors:

• On one hand, institutional funds continue to flow in, providing medium to long-term support for prices;

• On the other hand, the macro environment remains cautious, limiting the upward space.

From the perspective of market positions, currently, the long-to-short ratio among large accounts on the entire network is approximately 55%:45%, with longs slightly in the majority, but the advantage is not significant, indicating that funds are still waiting for new catalysts to determine the direction of the next stage.

₿ Bitcoin (BTC)

Viewpoint: Prefer high shorts, with low longs as a supplement, waiting for direction confirmation after fluctuations.

Currently, BTC is still in a range-bound phase, with both bulls and bears continuing to compete around 66000.

From the perspective of periodic structure:

• The 4-hour to daily chart is in a technical correction phase;

• The overall structure of the candlesticks still maintains a bullish bias, without forming obvious damage.

Yesterday, BTC performed weaker than some mainstream coins, ultimately closing with a bearish candlestick, with prices oscillating around 66000 throughout the day, indicating that this area has become the most important chip exchange zone in the current market.

Looking at the short term:

• The 1-hour and 2-hour adjustment structures have become relatively clear, with the possibility of continued pullbacks in the short term;

• The 4-hour still has strong support, and as long as the support holds, the market still has opportunities for repeated corrections;

• The 12-hour is currently the most critical trend defense line.

If the support at the 12-hour level continues to hold, the market may still have the potential for continued oscillation and rebound; conversely, once it effectively breaks down, the daily level adjustment may officially begin, and market volatility will further amplify.

Therefore, the current operational mindset remains unchanged:

• Rebounds close to resistance areas should be mainly approached with high shorts;

• When retesting key support areas, gradually buying on signs of stopping the decline can be considered;

• Do not blindly chase after highs or lows before a true directional confirmation is established.

Key Position References

Support: 65000-65500-64500

Resistance: 66700

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This article is originally published by 【Huiying Community】 and represents personal views only. Due to delays in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate cautiously.
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