Overnight, the three major indexes collectively fell, with the Nasdaq down 0.32%, the S&P 500 down 0.39%, and the Dow down 0.61%. Among them, the Dow recorded nine consecutive daily declines, the longest since February 1978. Most large-cap tech stocks declined, with Intel and Nvidia down more than 1%. The cryptocurrency market is experiencing a volatile trend, with Bitcoin hitting a new high of $108,347, while Ethereum and most altcoins are moving sideways or falling, once again confirming Bitcoin's vampire-like nature! In the past week, Bitcoin has entered a mode of upward momentum, drawing away 95% of the market's liquidity, causing altcoins to follow the decline instead of the rise. Even Ethereum has difficulty achieving gains, which is a normal phenomenon, as there is currently no external capital inflow, and all the capital in play is conducting ramping operations. Bitcoin is expected to have a few days of consolidation time next, during which altcoins can seize the opportunity and trigger a strong rally. It remains to be seen.

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Bitcoin rose again near 108437 in the late session, gave back to rebound, and slowly declined to around 105500. The daily candle rose, bringing the price to a high and stabilizing, turning the previous top into the current bottom. The overall strong structure is needless to say, and the trend is still in a situation of continuing to touch new highs after correction. From the perspective of short-term hourly level, the hourly chart repeatedly explores highs and falls, indicating further volume from the bulls, still in a strong bull market. After the consolidation, there is still hope for another challenge to the high point. Currently, the price has shown a step-like pattern after the retracement, and the overall trend is still dominated by bulls, continuing to rise after a strong rally followed by a retracement. Therefore, the trend remains unchanged and continues to maintain a mindset of being cautiously bullish.
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After Ethereum peaked at 4105, it has been on a downtrend. After a slight rebound to 4038 in the day session, it traded sideways in the afternoon yesterday, and then went down in the evening, reaching a low of 3846 in the early morning. The pullback does not signal a reversal. The bearish retracement has long been within our consideration. The limited pullback within a single day is well under control and is not enough to shake the overall structure. In the short term, it has temporarily entered a period of consolidation. The 4-hour pullback did not further extend to the midline support, indicating insufficient retracement strength. Although the moving averages have turned slightly, they are not enough to change the strength of the bulls. In such a bullish market, maintaining a pullback strategy is sufficient.