February 3rd, Bitcoin and Altcoins, Silk Road

Yesterday morning, Bitcoin held around 74,500 after dropping, then gradually oscillated upward. After the US stock market opened, it surged to about 79,300 but failed to break through and then declined for adjustment. Currently, the overall market remains in a weak consolidation state, with mainstream coins fluctuating within a small range. No clear upward or downward trend can be seen for now.

After this sharp decline, there was no strong rebound in the market; it just moved sideways at low levels, indicating a phase of weak recovery. The buying momentum from the bulls has been very weak. From a technical perspective, the downward trend is very clear, with prices consistently being held down by key moving averages. The rebound after the weekend's sharp drop lacked strength, further showing that the funds in long positions have already dried up. Currently, the market is still dominated by the bears, and this pattern has not changed substantially.

Operational suggestions:
Bitcoin rebound between 79,100-79,900 can be considered for shorting, with targets at 77,500-74,500;
Altcoin rebound between 2,360-2,410 can be considered for shorting, with targets at 2,250-2,150. $BTC C $ETH